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 / 11:54 AM

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.



Contributors

Written by :

Edited by :

Related Stories

Cashless ATM Card Withdrawal SBI

Don’t Have Your ATM Card? Now Withdraw Cash Without Card With This SBI App

Unemployment Report India

82% Of Male And 92% Of Female Workers Earn Less Than Rs 10,000 Per Month In India: Report

Nambi Narayanan

Taken In Police Jeep As Criminal 24 Yrs Ago, Now Returning In State Car With Rs 50 Lakh Cheque: Nambi Narayanan

SBI Credit Card Fraud

Over 2000 SBI Credit Card Holders Duped Of Rs 5 Cr, Police Arrests 30 People Including The Mastermind

Cheque Books Of Former Associate Banks Of SBI To Become Invalid From April 1st

Airtel Deposits Rs 167 Crore In Their Payments Bank Without Customer Consent

Latest on The Logical Indian

Sports

Vinesh Phogat Locks 53 Kg Spot At Tokyo Olympics, Up For Bronze In Worlds

News

Assam: Officers Torture Three Sisters Inside Police Station; Two-Month Pregnant Woman Loses Her Baby

News

Beyond Call Of Duty: Odisha Doctor Carries Patient On Sling For 5 Km, Wins Hearts

News

Ayushman Bharat: Hospitals Committing Fraud Will Be Named And Shamed, Says Health Minister

Fact Check

Fact Check: No, The Baby In This Viral Video Was Not Kidnapped And Taken To Dubai

News

Watch| Government Bans E-Cigarettes Citing Health Hazards, Will Stop All Production, Sale

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.