The State Bank of India (SBI) card, which has over 4 million customers across the country, on Wednesday, cut the fuel surcharge to 1% from the previous 2.5%. According to PTI, this action has been taken in line with the overall reduction by oil companies in order to promote digital transactions. The credit card company issued a statement saying, “Consequent to the revision in fuel surcharge levy on credit card payments from 2.5 per cent to 1 per cent, fuel surcharge waiver on your SBI Card has been revised to 1 per cent w.e.f April 26”.
Vijay Jasuja, who holds the post of both the Managing Director (MD) and the Chief Executive Officer (CEO) of the State Bank of India, told reporters that the reduction in fuel surcharge had been done in line with the overall reduction by oil companies. He further said that the State Bank of India had a policy, according to which they would absorb the fuel surcharge up to a certain amount. Informing more about the decision to slash the rates, Jasuja said that the SBI used to absorb the fuel price earlier too and even now, they were not charging anything to the customers. It must be noted that the SBI card is a joint venture between SBI and the GE Capital.
Earlier from April 1, The SBI card had started charging an amount of Rs 100 for payment through cheques if the amount was up to Rs 2,000. Although anything above was reported to not attracting any additional fees. SBI card had told reporters that the move was aimed to encourage cashless payments in India, which is in line with the central government’s policy.