SBI Debit Card Charges: From April 1, fees to be hiked by Rs 75 + GST; check all the latest details here
SBI Debit Card Charges: State Bank of India (SBI), the country’s largest lender, is all set to increase the annual maintenance charges for its debit cards. With effect from April 1, 2024, SBI will levy Rs 75 more (excluding GST) from its customers holding debit cards as annual maintenance charges, according to the bank’s website, sbi.co.in.
SBI provides several types of debit cards to its customers and charges annual maintenance fee accordingly.
Here are all the details you need to know about SBI’s move to raise its annual debit card fees:
TABLE 1 (attached)
According to the SBI website, the existing annual maintenance charges of Rs 125 plus GST applicable to its Classic, Silver, Global and Contactless debit cards will be revised to Rs 200 plus GST from the new financial year. Similarly, the bank will revise the maintenance fees for Yuva, Gold and Combo Debit cards from Rs 175 plus GST to Rs 250 plus GST. The annual maintenance fees for the Platinum Debit Card will be raised from Rs 250 plus GST to Rs 325 plus GST after April 1.
Meanwhile, here’s a list of various fees levied by SBI from its customers for tasks such as the issuance and replacement of its debit cards:
TABLE 2 (attached)
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What is a Debit Card? Is it the same as an ATM card?
A debit card is a payment card that enables users to make purchases or withdraw cash directly from their bank accounts. It functions as both an electronic check and an ATM card, allowing transactions at point-of-sale (PoS) terminals and cash withdrawals from ATMs, whereas an ATM card is used only for transactions at ATMs.
It should be noted that all debit cards can be used at ATMs, but not all ATM cards offer the same versatility as debit cards for purchases and online transactions.
