Beware SBI Cardholders! From Oct 1, your auto bill pay may stop if you fail to do this

By: |
September 30, 2021 12:37 PM

The new regulatory guidelines shall come into force with effect from October 1, 2021 and any recurring transaction that is not compliant with the framework will not be processed.

From October 1, 2021, as per the regulatory guidelines on e-Mandate on cards, all non-compliant recurring transactions registered at Merchant App/Website on your SBI Card will be declined. You may still make payments by using SBI Credit Card directly on the merchant App/Website. Standing instructions registered at SBI Card platforms that are non-compliant will also be declined. You may log in to your SBI Card account and select the biller to pay your current bill.

To enhance safety and security of card transactions while processing standing instructions / e-Mandate based recurring payments, the new regulatory guidelines shall come into force with effect from October 1, 2021 and any recurring transaction that is not compliant with the framework will not be processed.

The key aspects of the guidelines suggested by RBI are as follows:

Additional factor of authentication (through OTP) will be required each time for –

  • Standing Instruction (SI) / recurring transaction registration
  • First transaction (Single OTP will suffice if registration & first transaction is happening at the same time)
  • Recurring transactions above Rs 5,000
  • Modification or cancellation of e-Mandate

Pre-transaction notifications to be sent to cardholders at least 24 hours prior to actual debit of the recurring transactions.

While SBI Card is working towards delivering an effective solution for you, one that is compliant with the new framework, your standing instructions / e-Mandate based recurring transactions may be impacted from October 1, 2021. Hence, for any existing Standing Instruction payments, we request you to take note of the below to ensure timely payment of your bills.

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For Standing Instruction registrations done at merchant platforms:

Please get in touch with the merchant / service provider to understand and carry out the re-registration process as applicable. Alternatively, you may make one-time payments at merchant platforms using your SBI Credit Card.

For Standing Instruction registrations done at SBI Card platforms:

Recurring transactions shall not be processed with effect from October 1, 2021. Login to your SBI Card account and make one-time bill payments by following these simple steps:

Through Mobile App

Login through the SBI Card Mobile App, open ‘E-store’ and click on ‘Bill Pay & Recharge’. After reading the disclaimer, click on ‘Proceed’ and then select the Biller to complete bill payment.

Through Website

Alternatively, you may login through the SBI Card Website and then select ‘Utility Bill Payment’. In the payment page, click on ‘Pay Now’. After read disclaimer and click on ‘Proceed’ and then elect the Biller to complete bill payment.

Note that any Product Value Proposition for Accelerated Reward Points on Standing Instruction Transactions will not be valid on any Standing Instruction Transaction, which is non-compliant to regulatory guidelines.

Not only SBI Cardholders, but credit card holders of other banks will also face the inconvenience and have to take the corrective measures.

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