Festive sale: SBI customers to get additional discount, cash back on YONO

The SBI customers will get additional discounts and cash back on shopping through its digital platform YONO, as the lender wants to cash in on the festival season shopping spree.

YONO -- acronym for You Only Need One -- is the SBI's digital app for various services.

Apart from paperless banking, it offers investment in financial products and customers can also do shopping as the bank has on-boarded over 85 e-commerce players on YONO platform.

The SBI said it is the first ever bank to have come up with a digital shopping festival, in which it will offer discounts up to 10 per cent and cash back to customers using SBI credit and debit cards during October 16-21.

These discounts will be over and above what e-commerce players would offer to SBI customers during the sale.

"Our discounts of 10 per cent and cash back on purchases through SBI credit and debit card will be over and above the discounts up to 50 per cent offered by the top 14 e-commerce players on host of products ranging from fashion to furniture," SBI Managing Director PK Gupta told PTI.

The SBI said customers will get exclusive and best in class offers from these top 14 e-commerce merchants in the YONO shopping festival (YSF).

It will also offer financing options to all SBI customers.

YSF deals include categories such as electronics, fashion, gifting, jewellery, furniture, travel, hospitality among others.

Amazon, Jabong, Myntra, Kalyan, Caratlane, PCJ, Pepperfry, OYO, Tata Cliq, Yatra, Easemytrip, Firstcry, IGP, Ferns & Petals are among top digital marketplaces, as per the SBI's exclusive partnership for YSF.

"We are doing a lot of things on YONO apart from banking. Lots of innovation is also happening, like we already have pre-approved loan on YONO which does not require a customer to visit a branch. So, we thought in the festival season it is a good idea to come up with a digital shopping offer to our customers with additional discount benefits," Gupta said.

The bank's one stop YONO platform was launched in November 2017 and is about to complete an year.

Gupta said the bank is witnessing good traction over YONO, particularly the younger generation customer which enthuses SBI to come up with such offerings.

There are already 3 million customers on board YONO and the bank is adding about 25,000 new customers on this platform per day, he added.

SBI said YSF is the first digital banking platform to offer customised products and services from around 85 e-commerce players by leveraging analytics.

YONO can be accessed through Android and iOS powered mobile phones, and on the web through a browser, an omni-channel for host of products apart from banking.