SBI Customer Alert: For those who are using SBI Credit Cards, here is a major update for you. As per the latest updates, the State Bank of India (SBI) will from December 1 charge a processing fee on all EMI transactions done through its credit cards. Apart from this, the SBI will also charge a processing fee on the transactions done through the same process. This was announced by the SBI last month. In the announcement, the SBI Cards & Payment Services Private Limited (SBICPSL) had said that it will charge a processing fee of Rs 99 and levy taxes on it. Now the customers of the bank will have to pay a higher transaction amount whenever they purchase something via the SBI Credit Card EMI scheme.Also Read - Reebok Launches 'Active Fit 1.0' Smartwatch. Check Specifications Here
The SBI in the earlier statement had said that the new rule will be applicable from Wednesday. The processing fee will also be applicable to all equated monthly instalment (EMI) transactions made at retail outlets as well as e-commerce websites such as Amazon, Flipkart and Myntra. Also Read - In A First, Amazon Apparel Store Will Soon Suggest What Clothes You Should Wear. Details Here
Last month, the SBI in a notification had said that with effect from December 1, 2021, Processing Fee of Rs. 99 + applicable taxes will be levied on all Merchant EMI transactions done at Merchant outlet/website/app. “We thank you for your continued patronage. Please click here to know more about Merchant EMI Processing Fee,” the mail from SBICPSL read. Also Read - Unpaused Naya Safar Unveils New Song: Naya Safar Induces Hope in The Hearts Of Listeners’
This notification was received by all SBI credit card holders. From December 1 onwards, when SBI customers want to purchase something on EMI via the bank’s credit cards will be eligible to come under the new policy.
Furthermore, the bank said these rates will apply over and above the interest charges to convert one’s purchases into monthly payments, a service used by lakhs of citizens at present.
However, the media reports suggest that a processing fee of Rs 99 will be charged on only those transactions which have been successfully converted into equated monthly installments or EMI transactions.