SBI Announces Revised Debit Card Charges Effective April 1, 2024 on its official website. The revisions to its debit card charges, set to come into effect from April 1, 2024. These changes, highlighted on the SBI website, encompass alterations to annual maintenance charges, issuance fees, and other service charges for various categories of debit cards.
Annual Maintenance Charges
Starting April 1, 2024, SBI will implement new annual maintenance charges for several categories of debit cards, affecting both existing and new cardholders. The revisions entail an increase in charges by Rs. 75 (excluding GST) for Classic, Silver, Global, Contactless, Yuva, Gold, Combo, and My Card (Image Card) debit cards.
- For Classic, Silver, Global, and Contactless Debit Cards, the annual maintenance charge will rise to Rs. 200 plus GST from the previous Rs. 125 plus GST.
- Yuva, Gold, Combo, and My Card (Image Card) Debit Cards will witness an increase in annual maintenance charges to Rs. 250 plus GST from the prior Rs. 175 plus GST.
- Platinum Debit Cardholders will now incur an annual maintenance charge of Rs. 325 plus GST, up from Rs. 250 plus GST.
- Pride Premium Business Debit Cardholders will experience a rise in annual maintenance charges to Rs. 425 plus GST from the existing Rs. 350 plus GST.
Issuance and Replacement Fees
Additionally, SBI has adjusted the fees associated with the issuance and replacement of debit cards. Notably, while there are no charges for the issuance of Classic, Silver, Global, and Contactless Debit Cards, applicants for a Platinum Debit Card will now be required to pay a minimum of Rs. 300.
International Transaction Charges
SBI has also revised its international transaction charges. Customers making inquiries at ATMs under international transactions will now be charged Rs. 25 along with GST. Moreover, for ATM cash withdrawal transactions, a minimum of Rs. 100 plus 3.5% of the transaction amount will be applicable.
Changes to Credit Cards
In addition to debit card adjustments, SBI has announced changes to certain credit card features. Effective April 1, 2024, the accrual of reward points on rent payment transactions will be suspended for select credit cards. Furthermore, accumulated reward points on rent payment transactions for specific credit cards will expire on April 15, 2024.
RBI Guidelines and Customer Communication
Under RBI guidelines, banks are mandated to notify customers at least 30 days in advance of any product feature-related changes. However, it has been noted that SBI did not adhere to these guidelines in communicating the aforementioned revisions to its customers. Despite this, it remains to be seen whether the RBI will take punitive action against the bank for non-compliance.
Conclusion
With the impending revisions to debit card charges and associated fees, SBI aims to streamline its banking services while ensuring sustainability. As customers prepare for these changes, SBI emphasizes the importance of staying informed through its official channels of communication.