Corporate Virtual Card

Benefits of SBI Corporate Virtual Card

Revolutionize corporate purchasing with SBI Corporate Virtual Card Solution

Enhanced Security

Enhanced Security

  • No plastic card issued             
  • Primary Account Number and complete credit limit is not exposed to the suppliers
  • Virtual Card details transmitted in a secure & encrypted manner to the supplier
Customized Transaction Controls  

Customized Transaction Controls  

  • Configurable Controls for each transaction like merchant category, limit, validity, velocity
  • Minimal exposure to fraudulent transactions
Seamless Reconciliation

Seamless Reconciliation

  • Option of generating a unique virtual card number for every payment
  • Enhanced data and reporting with option of 29 custom data fields
  • Simplifies reconciliation and has ability to achieve 100% transaction matching
Bottom line Savings

Bottom line Savings

  • Extended credit days           
  • Opportunity to negotiate for early payment discounts with suppliers
  • Reduces transaction processing cost compared to traditional vendor payment model

SBI Corporate Virtual Card

Know the interesting features of our SBI Corporate Virtual Card

  • Truly Virtual
      • No plastic card is issued
  • Customized Validity
      • Valid for Single/Multi use
  • Control
      • Specific configurable controls available at transaction level which may include controls on supplier category, amount range, number of usage, validity, demographic etc.
      • Authorization blocked in case of breach of any configured control
  • Compliance and Security
      • Easy review of expenses to check policy breaches and ensure compliance
      • The virtual cards are mapped to the Primary Account number for processing & accounting purpose, hence the supplier can never access the primary account number
      • Safe transmission of the virtual card details to suppliers enabled for accepting Card Not Present* transactions

      *Card Not Present Transaction is where the cardholder does not or cannot physically present the card for a supplier's visual examination at the time that an order is given and payment effected, such as for MOTO, Travel related transactions made through Global Distribution System (GDS) , International E-commerce transactions etc.

  • Excellent Data Management
      • Association of a unique account number to a unique payment
      • Availability of 29 custom data fields to populate information related to each individual purchase request with respect to a transaction
      • Enhanced data capture, which reduces the reliance on suppliers to add data
  • Increased Accounts Payable Efficiency
      • Reduces paper-based accounts payable processes
      • Generation of unique virtual accounts on demand and as per requirement
      • e-Payables process to reduce transaction processing workload
  • Optimized Cash Flow and Revenues
      • Accelerate payments to your suppliers
      • Efficient way to maximise incentive revenue
      • Extends Days Payables Outstanding (DPO)
      • Improves suppliers’ Days Sales Outstanding (DSO)
  • Convenience
      • User friendly web based tool with no implementation cost at corporate’s end
      • Variety of transactional customization available for the corporate
      • Virtual Card generated on “Click of a button”
      • Approval workflow control
  • E-statement
      • Get hassle free monthly e-statements delivered directly to the inbox and stay stress free from postal delays, lost statements or late payments
  • 24x7 Services
      • A dedicated team of Service Desk Executives and Relationship Managers for assistance and support.
      • For any assistance, please call: 1860 180 1290 / 39 02 02 02 (prefix local STD code)
  • Fees
      • Joining fee: Nil
      • Annual fee: Nil
  • Extended Credit
      • Interest Free Credit: 20-50 days ( applicable only on retail purchases and if previous months outstanding balance is paid in full)
      • Period Finance Charges : Upto 3.35% p.m. (40.2% p.a.) from the date of transaction (It is a Charge card and does not offer revolving facility)
      • Total Amount Payable: Total Outstanding Due
  • Other Charges
      • Payment Dishonor Fee: 2% of payment Amount (subject to a minimum of Rs. 350)
      • Charge slip Retrieval: Rs. 225 per Charge slip
      • Late Payment:
        • Nil for Total Amount due from Rs. 0 and up to Rs. 200;
        • Rs. 100 for Total Amount due greater than Rs. 200 and up to Rs. 500;
        • Rs. 400 for Total Amount due greater than Rs. 500 and up to Rs.1,000;
        • Rs. 500 for Total Amount due greater than Rs. 1,000 and up to Rs. 10,000;
        • Rs. 750 for Total Amount due greater than Rs. 10,000;
      • Foreign Currency Transaction: Conversion mark up : 3.5%
      • Rewards Redemption Fee: Not Applicable
      • Annual Priority Pass Fee: Nil
      • Annual Reward Fee: Not Applicable
      • OTC Cash Payment Fees: Rs. 100 + Applicable taxes
      • Cheque Bounce / Invalid Cheque: 2% of Cheque Amount (minimum of Rs. 350 and maximum of Rs. 500)
  • Surcharge
      • Railway Tickets - Railway Counters: Rs. 30 + 2.5% of transaction amount
      • Railway Tickets www.irctc.co.in: 1.8% of transaction amount + all applicable taxes
      • Petrol & all products/services:

      •1% of transaction value or Rs. 10 whichever is higher
      •1% surcharge waiver (excluding all applicable taxes wherever applicable + other charges) for single transaction spends between Rs. 500 and Rs. 4000 for Signature & Platinum Cards; Rs. 500 and Rs. 3,000 for all other cards

      Maximum surcharge waiver of Rs. 250 per statement cycle per credit card account for signature & platinum cards; Rs. 100 per credit card account for all other cards

  • Order of payment settlement

      Total amount due (which is inclusive of Applicable taxes), followed by fees and other charges, Interest charges, retail outstanding.

  • Payment of Custom duty

      2.25% of transaction amount (subject to minimum of Rs.75)

      All taxes would be charged as applicable on all the above Fees, Interest & Charges.

      “Applicable Taxes” (for Statements issued on or after 1st July, 2017) means:

      • For the cardholders having state of residence in the records of SBI Card on the statement date as “Haryana” - Central Tax @ 9% and State Tax @ 9%
      • For the cardholders having state of residence in the records of SBI Card on the statement date as other than “Haryana” -Integrated Tax @ 18%

      *Any changes in schedule of charges will be communicated via email and will be available on our website sbicard.com

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