Bad News For SBI Credit Card Holders: Bank Announces To Hike Charges On THESE Transactions
State Bank of India is often called the banker of every Indian. The bank has more than 22,000 branches across India and is the largest public sector bank in the country. The bank also issues credit cards to its users through the SBI Cards. The bank has announced two major changes in its charges calculation method which will dent the pockets of the credit card users.
19 Million Credit Card Users
SBI Mailer To Consumers
The State Bank of India recently sent emails to consumers informing them about the changes in fee rates. "We thank you for your continued patronage. At SBI Card, we are truly committed to building relationships based on trust and transparency. With this endeavour, we are sending this communication to inform you about important updates regarding your credit card," said the Bank.
Finance Charges Increased
Utility Bill Payment Gets Costly
The State Bank of India has also decided to increase the charges it levies on utility bill payments using the SBI Cards. "With effect from 1 December 2024, if the sum of all Utility Payments made in a billing cycle exceeds Rs 50,000, a one per cent fee on the total amount of Utility payments will be applicable," said the SBI.