Top News

State Bank of India has a large number of customers in India. Especially in the background of increased financial literacy, the number of people using credit cards has increased. In this background, credit cards are used to pay many bills. State Bank of India gave a shock to such people. If a credit card is used to pay utility bills like electricity, gas or water, SBI will levy an additional 1% on such payments from November 1, 2024.

State Bank of India has a large number of customers in India. Especially in the background of increased financial literacy, the number of people using credit cards has increased. In this background, credit cards are used to pay many bills. State Bank of India gave a shock to such people. If a credit card is used to pay utility bills like electricity, gas or water, SBI will levy an additional 1% on such payments from November 1, 2024. Notably, SBI has announced two major changes to its credit card charge calculation mechanism. In the context of SBI's decision, let's know for a moment about the payment of utility bills and other decisions.

The latest decision taken by SBI will be effective from November 1. This affects the way fees are applied to credit card transactions. The first change is a 1 percent surcharge on utility bill payments made through credit cards. Also subject to fee adjustments or additional surcharges. However, market experts predict that SBI may give more shocks to credit card users in the future. Already, State Bank of India has recently sent e-mails to customers informing them about changes in fee rates. Especially SBI Rs. Bank charges surcharge on payment of utility bills above Rs 50,000.

From November 1, 2024, when paying using an SBI credit card, in a single statement cycle Rs. SBI levies an additional charge of 1 percent on utility bill payments above Rs 50,000. But your utility bill payments through SBI credit card in the same cycle will be Rs. 50,000, no additional charges apply. However, all utility payments made in the billing cycle from 1st December 2024 will be Rs. 50,000, SBI officials say that a one percent fee will be applicable on the amount of utility payments. 

The bank also announced changes in finance charges on unsecured credit cards with effect from November 1, 2024. As per the new norms, a finance charge of 3.75 per cent will be levied on all unsecured SBI credit cards except Shaurya/Defense Credit. Card. Unsecured credit cards are those that do not require a security deposit or collateral, unlike secured credit cards, which are usually issued against fixed deposits. SBI has shared an update on the increase in finance charges on the card related website.