New Delhi: According to reports, the State Bank of India (SBI) will soon close its scheme under which SBI credit cardholders can avail a cashback 0f 0.75% on fuel transactions using the SBI credit card.

The scheme will be discontinued from October 1. SBI, the country’s largest public-sector bank, has been sending SMS to its credit card users, informing them of the development. The message states, “Dear SBI Credit Cardholder, as advised by Public Sector Oil Marketing Companies, the 0.75% cashback on fuel transactions will be discontinued with effect from October 1, 2019. T&C”

However, this is not the only SBI credit card using which petrol and diesel transactions can be done at cheap costs. Other SBI credit cards which can be used for this purpose are the BPCL (Bharat Petroleum Corporation) SBI credit card, the Etihad Guest SBI premier card, the Yatra SBI card, the Air India Platinum SBI card, the Chennai Metro SBI card, the Mumbai Metro SBI card, the IRCTC SBI Platinum card etc.

Formed as Imperial Bank on June 2, 1806, the State Bank of India underwent several name changes until July 1, 1955, when the Government of India took its control and gave it its present name. Headquartered in Mumbai, the SBI is a government statutory body and is ranked at 216 in Fortune Global 500 list of the world’s biggest corporations in 2018.

It has a market share of 23% in assets, in India.