SBI Adjusts Debit Card Annual Maintenance Charges Effective April 1

The State Bank of India (SBI) has declared an increase in its annual maintenance charges for specific categories of debit cards, effective from April 1, the commencement of the new financial year, according to a statement posted on the SBI website. The augmented charges will apply to Classic/Silver/Global, Yuva/Gold, Platinum, and Pride/Premium Business categories of debit cards, as stated on the website.

The website provides a tabular representation of the new charges for the convenience of customers, showcasing an increase of ₹75 in annual maintenance charges across various categories.

The revision in annual charges as mentioned on SBI website

Furthermore, the bank has outlined additional fees associated with debit cards, including issuance and replacement charges. Issuance charges vary depending on the type of card, ranging from Nil for Classic, Silver, Global, and Contactless debit cards to ₹300 plus GST for Platinum debit cards. Customers will also incur charges for services such as debit card replacement (₹300 plus GST), duplicate PIN/regeneration of PIN (₹50 plus GST), and international transactions, as specified on the SBI website. All charges are subject to an 18 per cent GST.

In February, the bank had announced alterations in its Minimum Day Bill Calculation process for credit cards, effective from March 15, notifying customers via email. Additionally, the accrual of reward points on rent payments for certain credit cards will be discontinued starting April 1, 2024, as mentioned on the SBI website.

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SBI ranks as the second largest credit card issuer in the country, boasting a user base exceeding 18 million cards.

Naiteek Bhatt