SBI Debit Card Charges Hike: The country’s largest government bank, State Bank of India (SBI), has increased the annual charge on debit cards. In such a situation, you will have to pay more charges for SBI debit card than before. According to SBI website, the new charges will be implemented from April 1.
SBI increased the charges of these debit cards
- Classic Debit Card: An annual fee of Rs 200 + GST has to be paid on SBI Classic/Silver/Global/Contactless Debit Card. Earlier it was Rs 125 + GST.
- Yuva Debit Card: An annual fee of Rs 250 + GST will have to be paid on Yuva/Gold/Combo Debit Card/My Card (Image Card) from SBI. Earlier it was Rs 175 + GST.
- Platinum Debit Card: Now you have to pay an annual fee of Rs 325 + GST on SBI Platinum Debit Card. Earlier it was Rs 250 + GST.
- Premium Business Debit Card: Now you have to pay an annual fee of Rs 425 + GST on SBI Premium Business Debit Card. Earlier it was Rs 350 + GST.
18% GST is levied on debit card fees
Let us tell you, 18 percent GST is levied on the annual fee charged by the bank on debit card. For example, if you have a Premium Business Debit Card, you will now have to pay Rs 425 + 76.5 (18% GST) = Rs 501.5.
Changes in credit card rules
SBI has also made major changes in the credit card rules. Reward points will not be available on payment of fare through SBI credit card. However, rent payment will count towards your spending milestone. For some cards, this rule is coming into effect from April 1st. At the same time, this rule is being implemented on some cards from April 15.
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