State Bank of India (SBI), the largest public sector bank in India, on Thursday declared a hike in its annual maintenance charges for debit cards, with an increment of Rs 75 set to take effect from April 1, 2024, according to information provided on the SBI website.
The announcement by the public sector lender specifies that the revision will apply to various categories of debit cards, including Classic, Silver, Global, Platinum, and Contactless, with Yuva, Gold, and Combo Debit cards also slated for an increase in charges. Additionally, fees related to issuance and replacement of debit cards are set to be adjusted.
Check the new rates here:
|
Cards |
Existing Charges |
New charges from April 1, 2024 |
|
Classic /Silver/Global/Contactless Debit Cards |
Rs 125/ +GST |
Rs 200/ + GST |
|
Yuva/Gold/Combo Debit Card/My Card (Image Card) |
Rs 175/ + GST |
Rs 250/+ GST |
|
Platinum Debit Card |
Rs 250/ +GST |
Rs 325/+ GST |
|
Pride/Premium Business Debit Card |
Rs 350/ +GST |
Rs 425/+ GST |
Existing fees for debit cards such as Classic, Silver, and Contactless Debit Cards, currently at Rs 125 + GST, will be revised to Rs 200 + GST. Similarly, charges for Yuva, Gold, Combo Debit Card, and My Card (Image Card) will escalate from Rs 175 + GST to Rs 250 + GST. For the SBI Platinum debit card, the annual maintenance fee will rise to Rs 325 + GST from the existing Rs 250 + GST. The Pride Premium Business Debit Card, meanwhile, will see an increase from Rs 350 + GST to Rs 425 + GST.
Furthermore, other service charges such as replacement of the debit card will be adjusted to Rs 300 + GST, with Rs 50 + GST for duplicate PIN or PIN regeneration, and Rs 25+ GST for international transaction charges. A minimum of Rs 100 + 3.5 per cent on cash withdrawal transactions and 3 per cent of the transaction amount + GST for Point of Sale (PoS)/eCommerce transactions will also be imposed. All mentioned charges are subject to 18 per cent GST.
Additionally, the accrual of reward points on rent payment transactions for certain credit cards will be suspended from April 1, with the accumulation of reward points on rent payment transactions set to expire on April 15, as stated on the SBI website.