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State Bank of India (SBI), the country’s second-largest credit card issuer with a user base of over 18 million cards, has announced revisions to its annual maintenance charges for certain categories of debit cards. The new rates, which will come into effect from April 1, mark the beginning of the new financial year.
According to a release posted on the SBI website, the revised annual maintenance charges will apply to Classic/Silver/Global, Yuva/Gold, Platinum, and Pride/Premium Business categories of debit cards. The bank has presented the updated charges in a tabular format for customer convenience.
The adjustments reflect an increase of ₹75 in the annual maintenance charges across various categories, as detailed on the website. Additionally, the bank has outlined other fees related to debit cards, including issuance and replacement charges.
Issuance charges vary based on the type of card, ranging from Nil for Classic, Silver, Global, and Contactless debit cards to ₹300 plus GST for Platinum debit cards. Customers will also incur fees for services such as debit card replacement (Rs 300 plus GST), duplicate PIN/regeneration of PIN (Rs 50 plus GST), and international transactions, as specified on the SBI website.
It’s important to note that all charges mentioned are subject to an 18% GST.
Earlier in February, SBI had announced changes to its Minimum Day Bill Calculation process for credit cards, which came into effect on March 15. The bank communicated these changes to its customers via email. Additionally, the accrual of reward points on rent payments will be discontinued for certain credit cards starting April 1, 2024.
Sources By Agencies
