SBI Virtual Card: Features, benefits, validity, limit – All you need to know

By: |
January 29, 2020 2:24 PM

The State Bank of India’s virtual card, which is a limit debit card, can be used to shop online at any merchant website. Websites that accept visa cards will accept this virtual card also, which is not much different from a regular plastic card.

sbi debit card, sbi credit card, state bank of India, virtual card, credit card, credit card against fixed deposit, credit card against FD, credit card interest rates, Reward Points, credit card dues, credit score, cibil score, how to get a credit card,Here are some features of the SBI virtual card, and how it will benefit you:

With technological progression, more and more ways of online payments have been brought in. At the same time, cyber-crime and fraudulent use of such modes have also multiplied. To help with internet banking and e-commerce transactions, banks have come up with virtual cards. For instance, the State Bank of India’s virtual card, which is a limit debit card, can be used to shop online at any merchant website. Websites that accept visa cards will accept this virtual card also, which is not much different from a regular plastic card.

Here are some features of the SBI virtual card, and how it will benefit you:

  • The virtual card by State Bank of India is a single usage card, which can be only used once successfully and cannot be reused.
  • SBI cardholders can make payments for their purchase through net banking.
  • For online transactions, the creation of the SBI virtual card is authorized only after successful validation of One Time Password (OTP) that is sent to the cardholder’s registered mobile number.
  • It stays valid for a period of 48 hours. Also, once the transaction is completed using the card, the card no longer stays valid.
  • The main benefit of this virtual card is that it hides the primary card along with account details from the merchant. This reduces the chances of any fraudulent activity.
  • To create the virtual SBI card, the minimum transaction amount of Rs 100 is needed and the maximum transaction amount is limited to Rs 50,000.
  • Using the virtual card, the amount is debited only when the actual purchase is completed successfully.
  • The virtual card by SBI can be used at any online merchant website that accepts visa cards.
  • Cardholders can create this card multiple times for transactions online.

Here is how you can create your own SBI virtual card:

  • Visit the SBI website and login to your SBI online banking account
  • Once you have logged in click on the ‘e-Card’ tab at the top of the screen
  • Then click on ‘generate virtual card’ tab
  • Next, select the account you want to transfer to the virtual card
  • To proceed, click on the agree to the terms and conditions, and click on ‘generate’ tab.
  • After this, you will have to give your card details, such as the cardholder’s name, debit card number and the virtual card limit.
  • To authenticate the transaction, the bank will send an OTP to the card holder’s registered mobile number.
  • Click on ‘Confirm’ after entering the OTP.
  • Once the validation is successful, the virtual card image with details such as card number, expiry date, etc will be displayed on the screen.
  • The virtual card is now created and can be used for e-commerce transactions.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1With over 3.68 cr subscribers, PFRDA pension corpus touches nearly Rs 5 lakh crore: Chairman
2Real estate likely to bounce back in Tier II & III cities post Covid-19
3NPS, Atal Pension Yojana nears Rs 5 lakh crore of AUM: PFRDA