Most Important Terms & Conditions

A. Joining Fees, Annual Fees & Renewal Fees

There are joining fees, annual fees and renewal fees applicable on the SBI Credit Card (SBI Card). These fees may vary from Cardholder to Cardholder, and from offer to offer. These shall be as communicated to the Cardholder at the time of applying for the credit card. The joining and annual fees, as applicable, are directly charged to the Cardholder account and the same would be displayed in the card statement of the month in which it is charged. There are separate fees for Additional Cards taken by the Primary Cardholder.

B. Cash Advance Fees

The Cardholder can use the Card to access cash in an emergency from ATMs / Cashpoints in India or ATMs overseas. A transaction fee would be levied on all such charges and would be billed to the Cardholder in the next statement. A transaction fee of Rs 2.5% or Rs 300 whichever is higher at domestic SBI ATMs / Cashpoints, and Rs.300 or 2.5% whichever is higher, at other domestic ATM’s and 3% or Rs. 300, whichever is higher at international ATMs will be levied. The transaction fee is subject to change at the discretion of SBI Cards & Payment Services Private Limited (SBICPSL). All cash advances also carry a service charge from the date of withdrawal until the date of settlement. The service charge is currently Upto 3.35% per month [40.2% per annum] and is subject to change at the discretion of SBICPSL.

C. Charges

1. Charges and fees, as may be applicable from time to time, are payable by Cardholders for specific services provided by SBICPSL to the Cardholder or for defaults committed by the Cardholder with reference to his Card account.

2. SBICPSL retains the right to alter any charges or fees from time to time or to introduce any new charges or fees, as it may deem appropriate, with due intimation to cardholders.

D.Interest Free Grace Period

The interest free credit period could range from 20 to 50 days subject to submission of claims by the merchant. However, this is not applicable if the previous month’s balance has not been cleared in full or if the Cardholder has availed of cash from any ATM / Cash Point.

E. Finance Charges (Service Charges)

Finance Charges are payable at the monthly percentage rate on all transactions from the date of transaction in the event of the Cardholder choosing not to pay his balance in full, and on all cash advances taken by the Cardholder, till they are paid back. Card Interest Rate is dynamic and will be based on the Cardholder’s usage and payment patterns and is subject to periodic review. The rate of finance charges may increase to a maximum of 3.35% per month [40.2% per annum] from the transaction date. Finance charges, if payable, are subject to levy of Service Taxes and are debited to the Cardholder’s account till the outstanding on the card is paid in full.

a. Finance charges on cash advances are applicable from the date of transaction until the payment is made in full.

b. Late Payment charges will be applicable if Minimum Amount Due is not paid by the payment due date.NIL for Total Amount Due upto Rs. 500; Rs. 200 for Total Amount Due from Rs. 501 - Rs. 1,000; Rs. 350 for Total Amount Due from Rs. 1,001 - Rs. 5,000; Rs 500 for Total Amount Due from Rs 5,001 - Rs 10,000;Rs. 700 for Total Amount Due above Rs. 10,001

c. Overlimit charges are applicable on total outstanding exceeding the Credit Limit at the rate of 2.5% of overlimit amount or Rs500 Whichever is higher. 

d. In case of a cheque bounce, a charge of 2% of Cheque Amount (Min Rs. 350 & Max Rs 500)

e. Making only the minimum payment in any month would result in the repayment  stretching  over subsequent months with consequent interest payment on your outstanding balance.

For Example -If the Cardholder has his billing statement generated 15th day of every month and he does the following transactions between the period 15th June 2010 and 15th July 2010..

•  Retail purchases for Rs.5,000 on 20th June 2007

•  Cash withdrawal for Rs.7,000 on 10th July 2007

 Assuming No Previous Balance carried forward from the 15th June 2010 statement, the cardholder will get his 15th  July statement showing Rs.12,000 of transactions along with 5 days of finance charges at the rate applicable on the Rs.7,000 cash withdrawal. The cardholder needs to make payment against the outstanding by 5th August 2010, i.e. 20 days from the Statement Date, for anything between the entire amount or 5% of the amount outstanding. Please note that any payment made against your Credit card outstanding, would first be cleared against your EMI Balance (if any) followed by Balance Transfer balance (if any), retail balance (if any) and would be adjusted against your Cash Balance (if any) last, will be levied finance charges from the previous statement date unless in the case of non-interest levied outstanding retail balance, where the finance charge is levied from the date of the transaction.

Incase the statement outstanding has no cash balance and has not been carried forward from a previous statement and the retail balance outstanding on the statement date is paid in full by the payment due date, No Finance Charges are levied on such balances.

Credit Limit and Cash Limit are assigned to Cardholders based on internal SBICPSL credit criteria (Add-On cardholders share the same limits as that of the Primary Account Holder).  These  limits  are communicated to the cardholder at the time of card delivery. The Credit Limit  and  Cash  Limits  are communicated to the Cardholder in every statement. The Available Credit Limit (i.e. the Credit Limit available for use) at the time of the statement generation is provided as a part of the statement. SBICPSL will review the Cardholder account periodically, and increase or decrease the Cardholder credit limit based on internal criteria. Cardholders seeking to have their credit limit increased can do so by writing to SBICPSL and providing financial documents declaring their income. SBICPSL, at it’s sole discretion and based on such new documents provided, may increase the Credit Limit of the Cardholder.

a. SBICPSL will send the Cardholder a monthly statement showing the payments  credited  and  the transactions  debited  to  the Cardholder’s Account since the last statement, provided the card has been active during the said period. SBICPSL will either mail a statement of transactions in the card account to the mailing address it has on record, or send a statement through email to the email id on record, on a pre-determined date.

b. Credit Cards offer the Cardholder a revolving credit facility. The Cardholder may choose to pay only the Minimum Amount Due printed on the statement and such payment should be sent before the Payment Due Date, which is also printed on your statement. The balance outstanding can be carried forward to subsequent statements. The Cardholder can also choose to pay the Total Amount Due or any part of the amount above the Minimum Amount Due. Any unpaid Minimum Amount Due of the previous statements will be added to the Cardholders current Minimum Amount due in addition to the outstanding  exceeding  the Cardholders Credit Limit.

c. Payments made towards the card outstanding are acknowledged in subsequent statements.

d. Payments received against the Cardholder’s card outstanding will be adjusted against all EMI on loan plans (if applicable), taxes, fees and other charges, interest charges, purchases and cash advances, in that order.

e. Payments towards the Card account may be made in any of the following ways:

By mailing a cheque or draft to the mailing address provided in the reverse of the statement.

By dropping a cheque or draft into any of the SBI Card drop boxes placed in your city or in designated State Bank of India branches.

The cheque/draft should be made payable to "SBI Card Number xxxx xxxx xxxx xxxx".

ECS: Payments can be made through the Electronic Clearing System (ECS). Please click here for the list of locations where ECS payments can be made

f.Billing Disputes: All contents of statements will be deemed to be correct and accepted by the Cardholder unless within 30 days of the Statement Date the Cardholder informs SBICPSL of  any discrepancies,  and  these discrepancies are found to be true by SBICPSL. On receipt of such information, SBICPSL may reverse the charge on temporary basis. If on completion of  subsequent investigations, the liability of such charges is to the Cardholder’s account, the charge will be reinstated in a subsequent statement, along with Charge slip Retrieval charges of Rs. 225 per charge slip.

g.In case of any credit balance and no subsequent transaction on the account within next 30 days of the last statement, No new statement will be sent.

h. SBI Cards may at its sole discretion and in accordance to its internal policies and procedures or on request from the cardholder may waive/reverse interest, fees or other charges which had been charged or levied by it to the cardholder.

i. Notwithstanding anything inconsistent contained in any other clause of the cardholder agreement/ Most important Terms & Conditions it is further stipulated that if the cardholder does not pay the minimum amount due for a period of 180 days, then the credit card services being provided by SBI Cards under this agreement shall stand terminated, however, the cardholder shall continue to be liable for any unpaid sum as on the 180 day plus any finance charges/delayed payment interest that SBI Cards may, at its sole discretion and option and in accordance to its various internal policies & procedures, levy for the period post 180 days after the payment due date.

j. Customer Grievance Redressal: All grievance escalations should be marked to Amit Kalra - Senior Manager, Customer Services at PO Bag 28 - GPO, New Delhi - 110001 or e-mail at services.sbicard@ge.com

k. Contact Particulars:  The Cardholder can contact SBICPSL for making any enquiries or for any grievance redressal through any of the following ways

      24-Hour SBI Card Helpline:

      From BSNL/MTNL Lines - 1860 180 1290

                                         1800 180 1290 

      From All Other Lines    -  39 02 02 02  

Through mail, by writing to The Manager - Customer Services, SBI Cards & Payment Services Pvt. Ltd.,  DLF Infinity Towers, Tower C, 12th Floor, Block 2, Building 3, DLF Cyber City Gurgaon-122002 (Haryana) India www.sbicard.com

Through email by writing in at feedback.gesbi@ge.com

In the event of default, the Cardholder will be sent reminders from time to time for settlement of any outstanding on the card account, by post, fax, telephone, e-mail, SMS messaging and/or engage third parties to remind, follow up and collect dues. Any third party so appointed, shall adhere fully to the code of conduct on debt collection.

The total Outstanding on the Card account, together with the amount of any Charges effected but not yet charged to the Card Account, will become immediately due and payable in full to SBICPSL on bankruptcy or death of the Primary Cardholder, and the Card Account shall immediately stand cancelled. The Primary Cardholder’s estate will be responsible for settling any Outstanding on the Card Account and should keep SBICPSL indemnified against all costs, including legal fees and expenses incurred in recovering such Outstanding. Pending such repayments, SBICPSL will be entitled to continue to levy finance charges at its prevailing rates. 

Insurance is optional and a subject matter of solicitation Protection Plus

In the case of death or Total and Permanent  Disability  of  the Cardholder, the Cardholder or his nominee can avail of the Protection Plus Insurance which provides the cardholder a Personal Accident (PA) Insurance cover of Rs. 6,00,000 as well as a Credit Shield cover which insures the outstanding on the SBI Card of up to a maximum of Rs. 1 lakh. This facility can be availed of by the Cardholder at a monthly fee of 0.1% of the monthly SBI Card outstanding balance for Credit shield, Rs.24 p.m. for PA and an administration fee of Rs.20 p.m.

a) The Cardholder may end the Agreement at any time by writing to SBICPSL or calling in to the SBI Card Helpline, and by cutting the card(s) diagonally. All the cards including the add-on cards will be terminated basis the written request. Termination will be effective after payment of all amounts outstanding on the card account. No annual, joining or renewal fees shall be refunded on a pro-rata basis.

b) SBICPSL may also restrict, terminate or suspend the use of The Cardholder Account at any time without prior notice if SBICPSL reasonably believe it necessary for business or security reasons. SBICPSL can suspend the facility on the Credit Card, if the Cardholder defaults on the payment due or exceeds the credit limit extended. The Card must not be used after the Agreement ends or while use of Card Account is suspended.

c) In such a situation, the Cardholder must (subject to any default or other notice required by law) immediately pay SBICPSL the total outstanding Balance on the Account. This includes all amounts due to SBICPSL under the Agreement, including all transactions and other amounts not yet charged to the Account. The Cardholder Account will not be considered as closed until the Cardholder has paid all such due amounts.

a) The Cardholder should contact SBICPSL as soon as possible at the SBI Card Helpline if the Primary or any Additional credit card is misplaced, lost, stolen, mutilated, not received when due or if he/she suspects that the credit card is being used without the Cardholder’s permission. Once a card is reported lost, it should not, under any circumstance be used if found by the Cardholder subsequently, and the Cardholder should cut the card diagonally in half.

b) SBICPSL is neither liable nor responsible for any transactions incurred on the card account prior to the time of reporting of the loss of the card, and the card member will be wholly responsible and liable for the same. However it is stipulated that after receipt of proper notification of the loss by SBICPSL by any means preferably on call or in writing, the card member shall have no financial liability. Furthermore, in addition to notifying SBICPSL about the loss or theft of the card, the card member must report any thefts of cards to police and other investigating authorities and lodge a First Information Report (“FIR”).

c) The Cardholder will, however, be liable for all losses when someone obtains and misuses the Card or PIN with the Cardholder’s consent, or the consent of an Additional Cardholder.

d)  If the Cardholder has acted fraudulently the Cardholder will be liable for all losses. If the Cardholder acts without reasonable care, the Cardholder may be liable for all losses incurred. This may apply if the Cardholder fails to follow the safeguards as specified by SBICPSL.

e) SBICPSL may, without referring to the Cardholder or any Additional Cardholder, give the police or other relevant authorities any information that SBICPSL considers relevant about the loss, theft or misuse of a Card or PIN.

The Cardholder acknowledges that SBICPSL is authorized to share Cardholder information with any existing or future credit bureaus without any notice to this intent to the Cardholder, and such information may  pertain  to  positive  or  negative

Performance/default by the Cardholder.

The Credit Information Bureau India Ltd. (CIBIL), is an initiative of the Government of India and the Reserve Bank of India (RBI) to improve the functionality and stability of the Indian financial system. This is in line with RBI’s efforts to provide an effective mechanism for exchange of information between banks and financial institutions, thereby enabling cardholders to avail of better credit terms from various institutions.

The   Cardholder   further acknowledges that SBICPSL is authorized to share Cardholder information, including default in payments with Financial Institution, employer and to other third parties engaged by SBICPSL for proper operation of card accounts, verification and other administrative services.

SBICPSL may also share Cardholder information with any parent, subsidiary, affiliate or associate of SBICPSL, for the purposes of marketing and offering various products and services of SBICPSL or its group companies, subsidiaries, affiliates and/or associates.

  Fees

All payments made for a cardholder account will be settled in the order of Minimum Amount  Due , Taxes , EMI on loan plans, Fees & Other Charges, Interest Charges, Balance Transfer Outstanding, Purchase Outstanding and Cash Advance.   

Government Service Tax, as applicable, on all the above Fees , Interest & Charges.

*Insurance is optional and a subject matter of solicitation.To avail insurance benefits ensure that the card has been  used at least once for purchase/cash advances and/or cash payment of at least Rs. 100 made within 90 days preceding the event.      

#Card Finance Charge is dynamic and will be based on the cardholder’s usage and payment patterns and is subject to periodic review.  

Your continued usage of the card will be deemed as acceptance of these amendments.

All information in this communication is correct as per October 2010 and is subject to change at the discretion of SBICPSL. SBI Card Most Important Terms and Conditions are also available at www.sbicard.com

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