State Bank of India (SBI) has made significant changes to its fee structure and charges. This change will be effective nationwide from November 1st. This new charge will be applicable on select transactions, such as educational-related payments and wallet loads.
This charge will only apply to customers who make payments using an SBI credit card. Let’s explore the specific charges SBI has increased.
Charges for making education payments through third-party
means: If you use your SBI card to make payments using third-party apps like CRED, Cheq, and MobiKwik, a 1% fee will apply. This means that if you make a payment of ₹1,000, you’ll incur a ₹10 charge. However, if you make payments directly to schools, colleges, and universities using an SBI card, this fee will be waived.
Wallet deposit charges:
If you deposit more than Rs 1,000 into any wallet using SBI Card, you will be charged a 1% fee. The charge on education payments will be applicable at third-party merchants identified under Merchant Category Codes (MCC) 8211, 8220, 8241, 8244, 8249, and 8299, SBI Card said in a statement.
Other SBI Card Charges
State Bank of India also levies charges on several other transactions, which customers should be aware of. However, these charges have not been recently changed; only the charges listed above have been revised.
- SBI Card charges Rs 250 as cash payment charge.
- If your payment is approved, SBI Card charges an approval charge of 2% of the payment amount, which is a minimum of Rs 500.
- SBI Card charges Rs 200 as cheque settlement fee.
- Cash advance fee at SBI ATMs and other domestic ATMs is 2.5% of the transaction amount, subject to a minimum of Rs 500.
- Cash advance charge at international ATMs is 2.5% of the transaction amount, subject to a minimum of Rs 500.
- The charge for changing the card ranges from Rs 100 to Rs 250, while for ARM card this charge is Rs 1500.
- In case of emergency card replacement abroad, the actual cost will be charged, which will be a minimum of $175 for Visa and $148 for Mastercard.
Extra Late Payment Charges
If the Minimum Due Amount (MAD) is not paid by the due date for two consecutive billing circles, an additional charge of ₹100 will be levied. This charge will be applicable for each payment circle until the MAD is paid.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
Add businessleague.in as a Preferred Source
