1. SBI Card starts charging Rs 100 on small payments via cheque

SBI Card starts charging Rs 100 on small payments via cheque

SBI Card, with over 4 million customers, has started charging Rs 100 for payment through cheque if the amount is up to Rs 2,000 and anything above will attract no fee.

By: | New Delhi | Published: April 18, 2017 7:42 PM
The fee kicks in from April 1. The move, SBI Card said, is aimed at encouraging digital payments in line with the government’s policy. (Reuters)

SBI Card, with over 4 million customers, has started charging Rs 100 for payment through cheque if the amount is up to Rs 2,000 and anything above will attract no fee. The fee kicks in from April 1. The move, SBI Card said, is aimed at encouraging digital payments in line with the government’s policy.

“A fee of Rs 100 will be charged for payments made by cheque for an amount less than or equal to Rs 2,000 w.e.f April 1, 2017,” it said. The credit card company, however, said there will be no additional fee for cheque payments greater than Rs 2,000.

CEO of SBI Card Vijay Jasuja said that over 90 per cent of its customers make payments through non-cheque mode.

“We have observed a trend of payment related disputes arising in small cheque payments, causing inconvenience to customers as well. We offer several 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 said.

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Jasuja 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 and aimed at inclusion of people into the organised financial stream.

With a customer base of over 4 million, SBI Card operates through a footprint of more than 90 locations in India.

SBI Card is a joint joint venture between State Bank of India and GE Capital. The joint venture operates through two companies.

GE Capital Business Processes Management Services (GECBPMSL) takes care of the technology and processing needs of SBI Card while SBI Cards and Payments Services (SBICPSL) focuses on customer acquisition, marketing and risk management of SBI Card.

Last month, SBI had said it would increase its stake in SBI Card to 74 per cent by June-end.

  1. S
    Sri
    Apr 20, 2017 at 10:21 pm
    Am starting cash transaction only. Surrendered my credit card. This type of looting ordinary account holders will fire back and will give a ing reply to banks. I Will soon close my account with this bank and spread the word in social media. Thanks to social media for creating awareness among the bank customers. Modi ji's intention on going digital is good and banks are trying to misuse the concept. Stupid idea implementation will kill.
    Reply
  2. P
    pradip
    Apr 20, 2017 at 7:49 am
    Big bank attacking small persons.why??????????? Great shame for Arundhati, she led by her team has helped looters of India to siphon off funds. Such chairperson should be jailed, instead she is given one year extension - Modi Kripa - but why??????????????????for helping modi friends to loot the Bank ????????????????
    Reply

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