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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
  • Cash Advance (If Applicable)
      • Cash advance limit: Variable
      • Free Credit Period: Nil
      • Finance charges#: Upto 3.35% p.m. (40.2% p.a.) from the date of withdrawal
  • Cash advance fee (If Applicable)
      • SBI ATMs / Other Domestic ATMs: Upto 2.5% of withdrawal or upto Rs. 450, whichever is higher, per transaction
      • International ATMs: Up to 3% of withdrawal amount or Rs. 450,  whichever is higher, per transaction
  • Other charges (If applicable)
      • Payment Dishonor Fee: 2% of payment Amount (subject to a minimum of Rs. 450)
      • 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 : Upto 3.5%
      • Rewards Redemption Fee: Upto Rs. 99
      • Annual Priority Pass Fee: Nil
      • Annual Reward Fee: Upto Rs. 180
      • OTC Cash Payment Fees: Rs. 100 + Applicable taxes
      • Overlimit fees :Not Applicable on Corporate Cards
  • Surcharge (If Applicable)
      • 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 transactional value (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 corporate card account for signature & platinum cards; Rs. 100 per corporate 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)

  • Things to know

      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

      #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 use of the card will be deemed acceptance of these amendments.

      To contact SBI Card for assistance, please click here.

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