State Bank of India (SBI) issues has a facility of virtual cards under which the bank issues an electronic card that can be used for e-commerce transactions within the prescribed limit.
KEY HIGHLIGHTS
- SBI virtual card is valid until the time the transaction is completed, or if the card is cancelled, or the card is not used for 48 hours after creation
- SBI virtual card can be created for a minimum amount of Rs 100 and a maximum of Rs 50,000
New Delhi: State Bank of India (SBI) issues has a facility of virtual cards under which the bank issues an electronic card that can be used for e-commerce transactions within the prescribed limit. SBI virtual card or e-card is a limit debit card which provides an easy and secure way of transacting online without providing the primary card/ account information to the merchant. According to State Bank of India, SBI virtual cards can be used at any online merchant accepting MasterCards or Visa Cards in a similar manner like the physical debit cards are used.
SBI virtual cards are valid up to a maximum of 48 hours or until the transaction is complete, whichever is earlier. A user can create a virtual card only after successfully validating the one-time password (OTP) sent to the registered mobile. SBI virtual card can be created for any amount in round rupees and used at any online merchant site that accepts debit, credit cards.
A customer with an active internet banking relationship with the State Bank of India is not required to separately set up or register for a virtual card and, interestingly, the electronic card can be created without incurring a loss on the interest earned on the deposits in the account. The amount is debited only after the actual transaction is processed using the SBI virtual card. There is no maintenance or issuance fee for the virtual card.
SBI virtual card can be created for a minimum amount of Rs 100 and a maximum of Rs 50,000. SBI virtual cards are meant for single-time usage only. SBI virtual card is valid until the time the transaction is completed, or if the card is cancelled, or the card is not used for 48 hours after creation. Once card is cancelled or expired, the lien marked shall be lifted and the unspent or unutilised amount will automatically be available to the customer for use, SBI said.
