State Bank of India, with a debit card base of over 70 million, comprising SBI Cash Plus, SBI Gold Debit Card and SBI Yuva Card, has added chip and PIN-based Platinum Debit Card to its bouquet on Friday.

Platinum Debit Card provides higher daily withdrawal limit of Rs. 1 lakh from ATMs and spending limit of Rs. 2 lakh at PoS (points of sale).Platinum Debit Card holders would have access to premium lounges, golf courses and various lifestyle outlets in India and abroad.

Besides, it provides insurance coverage of Rs. 5 lakh for accidental death and Rs. 50,000 for liabilities arising out of card loss as supplementary benefits.

The new card was launched at a function held here. O. P. Bhatt, Chairman of the Bank, handed over the first Platinum Debit Card to Ashok Chawla, Secretary, Union Ministry of Finance, and Shyamala Gopinath, Deputy Governor, RBI. C. Narasimhan, Deputy Managing Director (Corporate Strategy & New Businesses), while talking about the card, described it as a premium payment product to cater to the needs of high net worth individuals (HNIs) and the bank's affluent customers.

The chip-embedded feature of the card is the first from the product bouquet of SBI, he added.

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