State Bank of India (SBI), the largest public sector bank in India, has announced a hike in its annual maintenance charges for various categories of debit cards, effective from April 1, 2024.
The move, detailed on the SBI website, entails an increment of Rs 75 in maintenance charges across several card types.
The revised charges will impact a range of SBI debit card variants, including Classic, Silver, Global, Platinum, Contactless, Yuva, Gold, Combo Debit, and My Card (Image Card). Notably, fees for issuance and replacement of debit cards will also be adjusted in accordance with the revision.
Under the new fee structure, the annual maintenance fee for debit cards such as Classic, Silver, and Contactless will be revised from Rs 125 + GST 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.
SBI Platinum debit cardholders will see their annual maintenance fee rise to Rs 325 + GST from the existing Rs 250 + GST. While, the Pride Premium Business Debit Card will witness an increase from Rs 350 + GST to Rs 425 + GST.
In addition to the revision in maintenance charges, other service fees such as the 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. Further, 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 charges mentioned are subject to 18 per cent GST.
Meanwhile, SBI has also announced changes to its reward points policy, with the suspension of reward points accrual on rent payment transactions for certain credit cards effective from April 1. Accumulation of reward points on rent payment transactions will cease entirely on April 15, as per the information provided on the SBI website.
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