SBI CSP stands for State Bank of India – Customer Service Point. It is a banking service that allows individuals to open and operate a bank account, deposit and withdraw cash, transfer funds, and access other financial services through a network of authorized agents called Business Correspondents (BCs). These agents are typically located in rural or remote areas where it is difficult for traditional bank branches to operate. The goal of SBI CSP is to increase financial inclusion and bring banking services to underserved communities.
SBI CSP (State Bank of India – Customer Service Point) agents, also known as Business Correspondents (BCs), earn commission for the financial transactions they facilitate on behalf of the bank. The commission rates vary depending on the type of transaction and the volume of business generated by the CSP agent. For example, commission for opening a new bank account may be higher than the commission for a cash deposit or withdrawal. The commission structure for SBI CSP agents is determined by the bank and may be subject to change.
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