Frequently Asked Questions

➠  Can Vaidangi appoint Retailers as Customer Service Points ?
Now This is made possible! Vaidaangi supported Sahyog Micro Finance Foundation has signed an agreement with State Bank of India. Vaidaangi Retailers can now be appointed as Customer Service Points for Business Correspondents to State Bank of India and carry out banking transactions on behalf of SBI.
This is a business opportunity to do SBI Kiosk banking in your Retail Outlet.
YOU, therefore, become a Mini-Branch of State Bank of India, the country's largest Bank.

➠  What Services will SBI Kiosk banking provide ?
The SBI Kiosk banking will provide the following services:
i. Deposit of Cash
ii. Withdrawal of Cash
iii. Money transfer to another SBI/BC account holder in other locations
iv. Loan disbursement
v. Current limit of Rs 10,000 per day per bank account holder

➠  How can YOU become a Partner for SBI Kiosk Banking ?
Vaidaangi will enrol you as a Customer Service Point (CSP) of its partner company Sahyog Micro Finance Foundation who has signed agreement with SBI for this unique facility. This facility and partnership is only available for Vaidaangi's existing retailers with Web connectivity. You can also first enrol for a Vaidaangi Web Retailer and then apply for SBI Kiosk Banking.

➠  How does it work ?
Initially existing Vaidaangi Retailers having Web account will be appointed as CSP. Later on the services may also be offered by PoS Terminal or Mobile Retailer.
CSP will work under the RMU Tree as per the existing arrangements.
A Non-Vaidaangi Retailer cannot be appointed as a CSP.

➠  How much space is required ?
Size of Outlet: Minimum 200 sq feet and must have a counter. There must be adequate room to attend to 5-6 customers at a time. This is essential to provide efficient and courteous service to the customers and at the same time attend to your regular business.

➠  What System configuration is required ?
System configuration: PC with a minimum configuration of 20 GB hard disk. internet connectivity. An Intel base chip of or superior provider. A web cam. A standard printer/scanner.

➠  Advantages to the customers :
i. A 'No Frill SBI Accounts' through KIOSK Banking Model
ii. Home Loans/ Loan Against Property
iii. Auto Loans/Gold Loans/Small & Medium Enterprise (SME) Loans
iv. General purpose Credit Card (GCC)/Kisan Credit Card (KCC)
v. Current Account/Term Deposit/Recurring Deposit
vi. Regular SBI Saving Bank Account
vii. Mutual fund on a Referral basis
viii. Loans against Term Deposit Receipt (TDR)/ National Saving Certificate (NSC)/Kisan Vikas Patra(KVP) etc.

➠  What type of account will be operated by the Customers?
• This is called a no-frills account where there is no minimum balance or charges levied.
• Maximum balance can be Rs 50000.
(Balance more than this can be held, but then account is converted to a regular bank account and the terms of the bank and documentations will apply to these accounts).
• Minimum Balance -Zero Balance.
• Maximum limit of transactions is Rs10,000 per day.
• No Cheque book is issued
• Only Cash Transactions can be made & only in person by the account holder.
• There is no signature required and only electronic thumb impression is used to access/use the account.
• Also Vaidaangi provides a FREE Personal Accident Insurance Policy of Rs. 10,000* for every account holder.
* T&C apply.
• Customer also benefits from Long banking hours: As long as the shop is open.

➠  What is Retailer's income from CSP Kiosk Banking ?
Earning on opening New Account, every Cash Deposit/ Cash Withdrawal/ Loans and Money Transfer.

➠  What does the Retailer get from Vaidaangi?
• Biometric Reader and Software for electronic thumb impression- as Vaidaangi Property
• SBI Bank Account ID and Password
• Software for access to SBI network
• Glow sign board with Vaidaangi and SBI logo and your name-as Vaidaangi property
• Special incentives from Vaidaangi.

➠  Advantages to Vaidaangi Retailers
• New Revenue Stream from Mini-Banking
• Money Transfer
• Even, the existing SBI customers can be your customer
• Significant benefits from Vaidaangi on other services
• Increased customer footfalls