The largest bank in India, State Bank of India (SBI), has recently revised its annual maintenance charges for debit cards and has announced a hike of Rs 75. This will be effective from April 1, 2024, as per the SBI website.
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The announcement mentioned that the maintenance charges will be revised for Classic, Silver, Global, Platinum and Contactless debit cards. At the same time, charges for Yuva, Gold and Combo Debit cards will also see a hike. In addition to these annual maintenance charges, the fees related to the issuance and replacement of debit cards will also be revised.
As per the SBI website, the debit cards including Classic, Silver and Contactless Debit Cards’ existing fees are Rs 125 + GST. This has been revised to Rs 200 + GST. Debit cards like Yuva, Gold, Combo Debit Card and My Card (Image Card) have existing fees of Rs 175 + GST which has increased to Rs 250 + GST.
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For the SBI Platinum debit card, the annual maintenance will be Rs Rs 325 + GST. The existing charge is Rs 250 + GST. SBI Debit Cards such as Pride Premium Business Debit Card, the annual maintenance charge is Rs 350 + GST, which has been hiked to Rs 425 + GST.
Apart from this, it is important to note that the charges for services like replacement of the debit card will be Rs 300 + GST, for duplicate PIN or regeneration of PIN, it will be Rs 50 + GST and for international transaction charges it is Rs 25 + GST for balance enquiry at ATMs. A minimum of Rs 100 + 3.5 per cent on cash withdrawal transactions. A 3 percent of the transaction amount + GST will be charged for Point of Sale (PoS)/eCommerce transactions. All these charges mentioned are subjected to 18 per cent GST.
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As per the SBI website, the accrual of reward points on rent payment transactions will be suspended for a few credit cards from April 1 onwards. The accumulation of reward points on rent payment transactions in a few credit cards will expire on April 15.
