"With the growth of the Indian economy, our customers have evolved and their lifestyle and aspirations are at par with their global counterparts. It is an apt addition to our existing portfolio of debit cards," SBI chairman Arundhati Bhattacharya told reporters.
Commenting on the product NPCI managing director and CEO A P Hota said, "The RuPay card comes with a special feature for the convenience of customers that is accepted at all payment channels- ATMs, PoS and eCommerce."
He said that NPCI will soon launch international RuPay debit cards allowing its customers to use them outside the country besides issuing RuPay credit cards by January 2016.
The card would be initially issued free to customers maintaining a quarterly balance of Rs 50,000.
The card offers various benefits like 5 per cent cash back on utility bills, complimentary airport lounge access, personal accident death and permanent total disability insurance cover of Rs 2 lakh, among others.
Currently, SBI has 19.7 crore debit cards in circulation and of which 4.5 crore are RuPay cards.
In the year ended March 2015, the bank saw a 37 per cent rise in its debit card transaction at Rs 30,785 crore from Rs 22,407 crore last year.
Meanwhile, replying to a query on SBI converting its office into a full-fledged branch in Tehran after the country inked a pact with Iran to develop Chabahar port, Ms Bhhatacharya said there was no immediate plan for it.
"We have to just wait and watch to see whether there is enough traction for us and then we will take a call," she said.