State Bank of India, India’s largest bank, has announced that it will no longer process tax credits and EMI payments on its credit cards. This has created a situation where you have to pay extra fees and taxes every time you use an SBI credit card.
The new Tariff has created a new burden for SBI credit card customers, as they are already heavily taxed when making purchases with credit cards.
SBI Cards
SBI Cards and Payment Services announced today that a processing fee and tax will be charged for all transactions. He also announced that the new fees and taxes will take effect for the first time on December 1, 2024, within the next 17 days.
Processing Fee Rs 99,
SBI Cards and Payment Services, a subsidiary of State Bank of India, announced on 12 November that customers using credit cards will be charged a processing fee of Rs 99 for EMI transactions from traders from December 1st.
EMI Services
This means that SBI credit card customers are offered a service to convert their credit card purchases to EMI through stores, e-commerce sites, and mobile shopping processors.
For Each EMI
After converting this loan to EMI, an additional processing fee of Rs 99 will be charged and tax will be levied on each IME. Credit card customers will have to spend more with these new fees.
Interest only
Some merchants or stores also offer the option to pay interest only on the credit card’s EMI amount, so there will be a processing fee to pay the interest. In addition, this new tax is only levied on paid IMEs after conversion to IMEs.
From December 1
Since the new fees will apply from December 1, there will be no fees for previously made EMI payments. Additionally, there are no fees or taxes for canceled or aborted EMI transactions.
SBI Bank
SBI Cards and Payment Services have already introduced such fees while other banks have adopted them. New fees will be added as an additional fee when paying for the IME each month.
With debit card payment being the most important payment instrument in India, everyone has to keep it safe. Likewise, today there is a lot of fraud in digital and money transfer.
In this case, if your debit card is lost or if someone else without you tries to withdraw money from your debit card without your knowledge, you should deactivate your debit card immediately. Otherwise, your money may be stolen.
In this case, it’s better to know in advance how to block the debit card.
Now let’s see how to deactivate the debit card of the State Bank of India, the largest bank in India and the bank with the most banking customers, as well as how to replace the debit card SBI. The first important thing to deactivate an SBI debit card is to have a mobile number associated with the debit card.
Otherwise you just need to go to the bank branch to deactivate the debit card, if you have a mobile number the debit card can be deactivated within minutes.
There are 2 ways to deactivate a debit card at SBI Bank.
1. Call toll free 1800 1234 from the mobile number associated with your debit card
2. Press 0 to block your debit card
3. Here 2 options are given.
4. You can block mobile phone numbers and card numbers by pressing 1, or block mobile phone numbers and bank account numbers by pressing 2
5. If you press 1, you must enter the last 5 digits of your debit card.
6. Press 1 to confirm the last 5 digits of the debit card you have registered.
7. Press 2 to re-register.
After confirmation, you will immediately receive a text message from your bank stating that your SMS debit card has been locked.
