From This Month, SBI Card Users Need To Pay Rs 100 On Cheque Payments Less Than Rs 2000

The Logical Indian Crew

April 19th, 2017

SBI Cheque Charges

Source: Business Standard | Image Credit: cfo-india | thinkplandoact

SBI Card on Tuesday announced that it will levy a charge of Rs 100 on cheque payments for bill amounts less than or equal to Rs 2000.

A joint venture between the State Bank of India and GE Capital, SBI Card seeks to encourage the use of credit card among its over 4 million customers across 90 locations in the country. The move of disincentivising cheque payment (where the card company incurs additional processing cost) is in line with the government’s digital policy after demonetisation.

The fee will be exacted on transactions starting 1 April 2017.

However, the credit card company said that no fee will be charged on payments greater than Rs 2000, and payments made through SBI cheques.

Payment-related disputes over small cheque payments cause inconvenience to the customers as well, said SBI card CEO Vijay Jasuja according to Business Standard. “We offer various seamless digital modes of payment which we are seeking to encourage, in line with the government’s focus towards digital payments and this step will facilitate the same.”

The CEO also added that there will be no charge on cheque payments on holders of SBI Card Unnati which is targeted at first-time credit card users with the aim to include people into the organised financial stream of digital payments.

Recently, SBI also exempted its customers from maintaining a minimum balance in savings bank accounts, basic savings bank accounts and Jan Dhan accounts, or the accounts opened under the government’s financial inclusion scheme Pradhan Mantri Jan-Dhan Yojana or PMJDY.


Share your thoughts

Realted Stories

You Can Open SBI Basic Savings Account To Avoid Penalty For Not Maintaining Minimum Balance

Govt’s Mobile Payment App BHIM Updated; Know About It

RBI Introduces ‘Zero Liability’ & ‘Limited Liability’ For Bank Customers For Any Card Or Online Fraud

SBI New Charges

SBI’s New Charges Effective From Today; Know About Them

SBI New Rules

SBI’s New Rules To Go Into Effect From Tomorrow; Know About Them

SBI Charges

SBI Will Charge You For Low Balance In Account; Know About The Other Changes

Latest on The Logical Indian

Awareness

Child And Maternal Malnutrition Continues To Haunt, Indians Falling Prey To Lifestyle Diseases Spikes, Says Health Of India’s States Report

News

Fingers & Hands That Rise Against PM Modi, Will Be Chopped Off, Broken: BJP MP From Bihar

News

Fortis Hospital, Gurugram Charges Rs 18 Lakh For 7-Yr-Old Dengue Patient Treatment; Girl Dies

Environment

“I Am Sorry, I Give Up” Says Afroz Shah Who Cleared 9 Million Kgs Of Garbage Off Versova Beach

Sponsored

#GiveKidsSpace – How A Twitter Campaign Reminded Us To Rethink Children’s Safety

My Story

My Story: I Didn’t Eat Most Of The Times To Save Money For My Children’s Education; Now My Daughter Is A Doctor And Son An Engineer