IndianOil teams up with SBI to launch a power-packed co-branded RuPay debit card

Mumbai, January 8, 2021: Raising the bar with newer offerings for the customers in the New Year, India’s largest fuel retailer, IndianOil, has now teamed up with State Bank of India (SBI) India’s largest bank, to launch the IndianOil – SBI co-branded RuPay Debit Card.

The IndianOil – SBI co-branded RuPay Debit Card was launched by Mr. Shrikant Madhav Vaidya, Chairman, IndianOil; and Mr. Dinesh Kumar Khara, Chairman, SBI, in a virtual ceremony held today.

The features of the card are:

·         6X Reward Points for every Rs. 200/- spent at IndianOil fuel stations

·         Fuel benefits – Cardholder earns loyalty points worth 0.75% against purchase of fuel at IndianOil fuel stations

·         Pay with a tap (contactless card) for a single transaction of upto Rs. 5000/-

·         Earn Reward Points on spends on dining, movies, grocery, and utility bills

·         Redeem Reward Points for dining, movies, grocery and paying utility bills

·         No monthly limit for purchasing fuel

·         SBI-IndianOil Co-branded RuPay Debit Card can be issued anywhere in India

·         Apply for card by visiting SBI’s home branch.

Speaking on the occasion, Mr. Shrikant Madhav Vaidya said, “We are proud to partner with SBI, having the largest number of debit cardholders in the country,to bring unmatched convenience to our fellow citizens. This power-packed card is backed by the unparalleled reach of IndianOil and SBI across the country. It will be an ideal mode of payment for customers in the current pandemic situation to opt for cashless and hassle-free payment. With this new tie-up, IndianOil is happy to expand its presence in the fast-developing debit card ecosystem in India, with an aim to offer attractive rewards and benefits for our customers. IndianOil has been a pioneer in promoting cashless and digital transactions with more than 98% of our vast network of 30,000fuel stations capable of accepting credit/debit card/wallet payments. This initiative will also promote digital payments and is in line with the Government’s vision of a Digital India,” he added.

Commending the partnership between SBI and IndianOil, Mr. Dinesh Khara, Chairman, SBI said, “We are pleased to launch the ‘SBI-IndianOilcontactless Rupay Debit Card’ through our strategic partnership with Indian Oil Corporation Ltd. We believe this co-branded card, with‘Tap and Pay’ technology, several attractive benefits and associated offers will provide a rewarding experience on purchase of fuel to the cardholders.  Fuel cards are specially designed to save money every time an individual refills his vehicle with fuel. This tie-up with IndianOil will reward all the cardholdersof SBI-IndianOilco-branded debit Card with enhanced loyalty points,” he added.

The SBI IndianOil Debit Card has been launched across India. A customer, anywhere in India, can get the card by visiting the SBI’s home branch.It is a contactless card and transactions upto Rs. 5000/- can be paid for with just a tap. Cardholders can avail several benefits on fuel purchase at IndianOil petrol pumps.