Monday , 9 December 2019
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What Is the Earning from Kiosk Banking in India?

Image result for Kiosk BankingThe ever-increasing use of computer technology is finding its presence in even the smallest space of human habitation. The target for a new India is to spread its reach to the rural and the underdeveloped areas too. The Reserve Bank of India (RBI) came up with a solution to provide financial assistance to people living in such areas by introducing the concept of Kiosk Banking.

Kiosks will help people access bank services in any of the categories like public, private and cooperative. Like the normal bank branches, kiosks are designed to provide all basic banking services like withdrawal, cash deposits and more.

How Is It Set Up?

A retailer bank takes a photo of the customer and records the fingerprint pattern. Along with the necessary documents, these details are passed onto the nearest affiliated branch for the verification process of knowing the customer. After all the procedures are completed and the account is activated, a customer can withdraw or deposit INR 10,000 per day as the maximum limit.

SBI (State Bank of India), being the largest banking network in India, has started its own SBI kiosk banking to help its customers in accessing various banking facilities. SBI has secured all kiosk transactions biometrically and provides printed receipt for each of them.

Retailer Benefits

The retailer is reserved with some benefits for introducing the kiosk banking system. For example, it gets a new revenue resource from mini banking. It also offers easy transfer of money. An existing SBI customer can also enjoy the benefits of kiosk banking. They also get a trusted brand name under SBI.

Retailer Earnings from Kiosk Banking in India

A Customer Service Point (CSP) kiosk outlet earns on every new account and every new withdrawal, cash deposit, loan or money transfer. So, this is a great business opportunity to do SBI Kiosk banking in a Retail Outlet.

Customer Benefits:

A customer is entitled to a paper-free account with certain benefits:

  • There is no requirement of a minimum account balance.
  • Maximum balance allowed for a kiosk bank account is INR 50,000.
  • There is no issuance of any cheque book.
  • Maximum transaction limit per day is INR 10,000.
  • The concerned account owner is only allowed to make transactions.
  • The account owner also gets a General-Purpose Credit Card (GCC) or Kisan Credit Card (KCC).
  • The account holder is not charged anything for operating the account.
  • There is no need for the signature of the account holder; only thumb impression will do. This feature has been incorporated keeping in mind the literacy rate of the rural areas.
  • Cash deposits are allowed to be made from anywhere.
  • There are no travel expenses for visiting the nearest SBI branch for every transaction.

Kiosk banking is supposed to bring a revolution in the banking methods and make it very convenient for both the providers and the customers who are seeking it. We hope that the new scheme launched is able to reach out to everyone who is not digitally equipped to carry out financial management on their own. This is a deliberate effort from the government for the well-being of the customers living far from the city so that they too can utilise the perks of the technology.