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Most Important Terms & Conditions

Most Important Terms & Conditions

Click on expand to expand and on minimise to minimise the details.

  • Fees and Charges

    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. OTC fees

    The Cardholder can walk into any SBI branch and pay SBI Card dues by mentioning the Credit Card number & Amount in the pay-in slip and depositing the same at the branch counter. An instant payment acknowledgement receipt will be provided after paying your bill. This service is available at Rs.100 + GST.

    D. Charges

    i. 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
    ii 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.

    E. 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

    F. 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.

    Example 1 - Card Statement date – 15th of every month.
    Transaction done between 16th June’13 – 15th July’13
    1. Retail Purchase of Inr 5000 – On 20th June’13
    2. Cash Withdrawal of Inr 7000 – On 10th July’13
    Assuming No Previous Balance carried forward from the 15th June 2013 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 2013, 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. Finance charges will be levied 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.
    In case 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.

    Example 2 – Card Statement date – 2nd of every month.
    Transaction done between 3rd Jan’13 – 2nd Feb’13
    1. Retail Purchase of Inr 10000 – On 5th Jan’13
    2. Online Purchase of Inr 30000 – On 15th Jan’13
    Assuming no previous balance carried forward from the 2nd Jan 2013 statement, the cardholder will get his 2nd Feb statement showing Rs. 40,000 transactions. The cardholder needs to make payment against the outstanding by 22nd Feb 2013, 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. Finance charges will be levied 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.
    In case 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.

    Making only the minimum payment every month would result in the repayment stretching over 20 months with consequent interest payment on your outstanding balance.

    Example –
    Card Statement date – 2nd of every month.
    Transaction done between 3rd Jan’13 – 2nd Feb’13
    (1) Retail Purchase of Inr 5000 – On 5th Jan’13
    (2) Online Purchase of Inr 5000 – On 15th Jan’13
    Assuming no previous balance carried forward from the 2nd Jan 2013 statement, the cardholder will get his 2nd Feb statement showing Rs. 10,000 transactions. The cardholder needs to make payment against the outstanding by 22nd Feb 2013, i.e. 20 days from the Statement Date, for anything between the entire amount or 5% of the amount outstanding.
    Assuming the cardholder makes the payment of minimum amount due of Inr 500, financial charges would be levied at the effective rate and added to the total outstanding. Same would reflect as the Total amount due in the next month’s statement if he does not make any transactions between 3rd Feb’13 – 2nd March’13.
    If the cardholder keeps making the minimum amount due (5%) payment every month and also consequently paying the interest amount he would clear the outstanding in 20 months (100%/ 5% – 20).

    G. Late Payment charges will be applicable if Minimum Amount Due is not paid by the payment due date.
    NIL for Total Amount due from Rs.0-Rs.200;
    Rs.100 for Total Amount due greater than Rs.200 & up to Rs.500;
    Rs.200 for Total Amount due greater than Rs.500 & up to Rs.1000;
    Rs.350 for Total Amount due greater than Rs.1000 & up to Rs.5000;
    Rs.550 for Total Amount due greater than Rs.5000 & up to Rs.10,000;
    Rs.750 for Total Amount due greater than Rs.10,000;

    Example 1 -
    Card Statement date – 2nd of every month.
    Transaction done between 3rd Jan’13 – 2nd Feb’13
    (1) Retail Purchase of Inr 5000 – On 5th Jan’13
    (2) Online Purchase of Inr 5000 – On 15th Jan’13
    Assuming no previous balance carried forward from the 2nd Jan 2013 statement, the cardholder will get his 2nd Feb statement showing Rs. 10,000 transactions. The cardholder needs to make payment against the outstanding by 22nd Feb 2013, i.e. 20 days from the Statement Date, for anything between the entire amount or 5% of the amount outstanding.
    If the cardholder does not make any payment by 22nd Feb 2013, he would be charged a Late Payment Charge of Rs. 550 (Rs. 550 for Total Amount Due from Rs. 5,001 - Rs. 10, 000).

    Example 2 -
    Card Statement date – 2nd of every month.
    Transaction done between 3rd Feb’13 – 2nd Mar’13
    1. Retail Purchase of Inr 2000 – On 8th Feb’13
    2. Online Purchase of Inr 2500 – On 19th Feb’13
    Assuming no previous balance carried forward from the 2nd Feb 2013 statement, the cardholder will get his 2nd March statement showing Rs. 4500 transactions. The cardholder needs to make payment against the outstanding by 22nd March 2013, i.e. 20 days from the Statement Date, for anything between the entire amount or 5% of the amount outstanding.
    If the cardholder does not make any payment by 22nd March 2013, he would be charged a Late Payment Charge of Rs. 350 (Rs. 350 for Total Amount Due from Rs. 1,001 - Rs. 5,000).

    H. Overlimit charges - As a service gesture SBI Card may approve certain transactions attempted by the cardholder which are over and above the credit limit, Please note that if the outstanding amount exceeds the credit limit, an over-limit fee of 2.5 % of the over-limit amount or Rs 500, whichever is higher will be levied. Over-limit status may also happen because of fees and/or interest charges.


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

  • Limits

    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.

  • Billing and Statement

    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).

    f) SBI Card Offers various mode of making payments of bill outstanding, the same is illustrated at the back of the monthly statement and SBI Card website

    g) 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.

    h) Customer Grievance Redressal: All grievance escalations should be marked to Amit Kalra, Customer Services at PO Bag 28 - GPO, New Delhi - 110001 or e-mail at feedback@sbicard.com
     
    i)  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 [Toll Free]
     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@sbicard.com

  • Default

    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

    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.
    Date of activation of the policy i.e. the policy shall be activated from the time of activation of your SBI Credit Card.

  • Termination/Revocation of Cardholder

    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 and/ Or at the request of any law enforcement agency, and/or any government authority and/or under the laws & regulations which apply to SBICPSL & its customer.

    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.

  • Loss/Theft/Misuse of Card

    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.

    • The Cardholder can also block the card instantly either on IVR or our website www.sbicard.com or through PULL SMS.

    • To block your lost/stolen card through PULL SMS,  just SMS BLOCK XXXX to 5676791 from your registered mobile number. (XXXX = Last 4 digits of your Card number). If you do not receive a confirmation SMS within 5 minutes of your request, please do not consider the card to have been blocked. Please call up the help line to get your card blocked immediately and to avoid any misuse.

    b) SBICPSL is not liable or responsible for any transactions incurred on the card account prior to the time of reporting of the loss of the card to SBICPSL and the Cardholder will be wholly liable for the same. After the receipt of proper notification of the loss by SBICPSL, the Cardholder’s subsequent liability is restricted Upto a maximum of Rs.1000 (for SBI Gold Cardholders Nil). In addition to notifying SBICPSL about the loss or theft of the Card, the Cardholder must report any theft of the Credit Card(s) to the Police and lodge an FIR. 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.

    c) 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.

    d) 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.

    e) For Safety reasons, an intimation of a mobile number change in our records will be sent to your new as well as old mobile number.  It is advised to keep your current contact details updated in our records.

  • Disclosure

    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.

    SBI Card Most Important Terms and Conditions are also available at www.sbicard.com

  • Schedule of charges

    Fees

     

    Joining Fee (one time)

    Upto Rs. 4999

    Annual Fee (p.a.)

    Upto Rs. 4999

    Add on Fee (p.a.)

    Nil

    Extended Credit

     

    Interest Free Credit Period

     

    20-50 days (applicable only on retail purchases and

    if previous month’s outstanding balance is paid in full)

    Finance Charges#

    Upto 3.35% p.m. (40.2% p.a.) from the transaction date

    Minimum Amount Due

    5% of Total Outstanding (Min. Rs. 200)

    Cash Advance

     

    Cash Advance Limit

    Upto 80% of Credit Limit (Max. 12K / day & 15K / day for Gold, Titanium, Platinum Cards & Signature Cards)

    Free Credit Period

    Nil

    Finance Charges#

    Upto 3.35% p.m. (40.2% p.a.) from the date of withdrawal

    Cash Advance Fees

     

    SBI ATMs/Other Domestic ATMs

    2.5% - Min. Rs. 300

    International ATMs

    3.0% - Min. Rs. 300

    Other Charges & Fees

     

    Protection Plus*

    Personal Accident (Insurer RSA) - Rs. 24 p.m.

    Cash OTC

    Suraksha Plus (Insurer SBI Life) - 0.1% of Total Outstanding.

    Rs.100 +GST

    Cheque Pickup

    Rs. 90

    Cheque Bounce / Invalid Cheque

    2% of Cheque Amount (Min Rs. 350 & Max. Rs. 500)

    Statement Retrieval

    Rs. 100 per Statement (>2 months old)

    Charge slip Retrieval

    Rs. 225 per Charge slip

    Late Payment

    NIL for Total Amount due from Rs.0-Rs.200;

     

    Rs.100 for Total Amount due greater than Rs.200 & up to Rs.500;

     

    Rs.200 for Total Amount due greater than Rs.500 & up to Rs.1000;

     

    Rs.350 for Total Amount due greater than Rs.1000 & up to Rs.5000

     

    Rs.550 for Total Amount due greater than Rs.5000 & up to Rs.10,000;
    Rs.750 for Total Amount due greater than Rs.10,000; 

    Overlimit

    2.5% of Overlimit Amount (Min. Rs. 500)

    Card Replacement

    Rs. 100

    Emergency Card Replacement

    Actual cost (Min. $175)

    (When Abroad)

     

    Foreign Currency Transaction

    Conversion mark up: 3.5%

    Card Upgradation Fee

    Upto Rs. 500

    Rewards Redemption Fee

    Rs. 99

    Surcharge

     

    Railway Tickets - Railway Counters

    Rs. 30 + 2.5% of transaction amount

    Railway Tickets -

    www.irctc.co.in

    1.8% of transaction amount + service charge,  as applicable

    Petrol & all products/services sold at petrol pumps

    2.5% surcharge waiver (excluding GST wherever applicable + other charges) for single transaction spends between Rs.500 and Rs.4000 for Signature & Platinum Cards; Rs.500 and Rs.3000 for all other cards.

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

    2.5% of transaction amount (Min. Rs. 10)  for transaction amounts < Rs. 500 & > Rs. 4,000 for Signature & Platinum Cards; amounts < Rs. 500 & > Rs. 3,000 for all other cards

    Payment of Customs duty

    2.25% of transaction amount (Min. of Rs. 75)

    • GST would be charged as applicable.

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

  • Terms and Conditions of Balance Transfer

    1. The "Low Interest Rate on Balance Transfer" offer from SBI Cards and Payment Services Private Limited ("SBICPSL") is open to all residents of India holding a valid and current primary SBI Card with no overdue amount outstanding of more than 60 days.

    2. Balance Transfer ("BT") amount ordered by the primary SBI Cardholder would be processed by SBICPSL subject to a minimum ordered amount of Rs 5,000 and a maximum ordered amount of 75% of the available credit limit assigned to the concerned primary SBI Card Account.

    3. This facility can be availed by a Cardholder for different tenures at different interest rates and accompanying charges like processing fee etc. as may be set forth by SBICPSL from time to time. By booking a BTof a particular tenure through appropriate medium, a Cardholder expressly consents to meet all his obligations thereto.

    4. It is clarified herein that for and on all subsequent purchases whether made in retail and/or cash and other outstanding balances, the applicable rate of interest shall be levied and all such levying of applicable interest be made applicable from the date of purchase itself and shall accordingly cover all card holders who may have BT amount in their card account. Furthermore it is clarified that for and upto 50 days interest free period is not valid on any retail purchases or otherwise for those cardholders who may have a BT amount in their account.

    5. In case the cardholder places a cancellation request within 45 days of the BT getting booked, then all fees and interest charged will be reversed. The charges will not be reversed once cheque issued to the cardholder has been cleared and resulted in a clear credit to the cardholder account. In case of a cancellation post 45 days the fees charged will not be reversible and all such fees shall stand forfeited by the Cardholders.

    6. It stipulated that BT processed through Visa Credit Card Pay cannot be reversed once the request has been processed and the amount has been credited to the other credit card issuing company by use of this facility. The cardholder using Visa Credit Card Pay facility accordingly confirms and agrees to this condition while opting for and choosing Visa Credit Card Pay facility for availing benefits under BT.

    7. The BT facility is not applicable and specifically excludes all additional SBI Cardholders and this facility and all benefits accruing thereof is made open to only the Primary SBI Cardholders as detailed above.

    8. BT request from a SBI Card account which has an overdue status or when the credit limit has been exceeded or is for an amount in excess of the outstanding balance on the other card will not be accepted by SBICPSL.

    9. It is stipulated herein that for availing benefits under the BT offer and availing of this facility resulting in advance of ordered sums of money, SBI Cardholder shall remain liable to SBICPSL till such time that the SBI Credit Cardholder has not paid back all the ordered sums of money including all applicable interest and charges including any penal interest that may be imposed in accordance to terms of this offer and applicable regulations in this regard. All financial liabilities of the cardholder under BT for the offer period as per Plans detailed hereinabove shall be reflected in the monthly statement of accounts issued to the cardholder and shall be conclusive evidence of settling all liabilities of the cardholder for this Offer.

    10. SBICPSL shall not be liable for any additional charges, overdue payments, interest or other related charges. on such SBI Credit card accounts.

    11. SBICPSL reserves sole and absolute right to refuse any BT requests at its discretion. Any B T request received from a primary SBI Cardholder within 60 days of a previous B T having been processed for the same account shall not be processed.

    12. These terms and conditions shall be deemed to be part of the SBI Cardholder Agreement and are incorporated therein by reference.

    13. All BT cheques will be payable at par at all branch locations of State Bank Of Travancore in India.

    14. All BT cheques will be in favour of the other credit card company. The cheques will be sent directly to the customer as per the current address as per SBICPSL records. In the event of the cheque being undelivered at the customer's current address as per SBICPSL records, the cheque will be sent directly to the other credit card company.

    15. BT booked for Third Party will not be accepted and the liability for the same will lie solely with the primary cardholder.

    16. In case of all such SBI Credit Card accounts availing of and being under Visa Credit Card Pay, the funds will be directly credited to the other credit card issuing company.

    17. Visa Credit Card Pay facility from SBICPSL is currently available on all Visa Credit Cards Only.

    18. SBICPSL will not be responsible and/or liable for any delay in clearance of the B T cheque by the other credit card company and the subsequent interest and/or penal charges.

    19. SBICPSL will not be responsible for any outstation charges levied by the other credit card company towards clearance of the B T cheque.

    20. During the Balance Transfer term, the balance transferred will also be included for computing the Minimum Amount Due (MAD or Minimum Amount Due is currently 5% of the total amount outstanding), as mentioned in credit card statement of SBICPSL Card made available to SBI Card account holder.

    21. SBICPSL shall not be responsible for any actions,claims,demands, losses,damages,costs,charges and expenses, which the SBI cardholder may suffer or incur by availing this offer and accordingly SBICPSL stands indemnified by the SBI Credit Cardholders availing benefits under this Offer.

    22. SBI Cardholders are not bound in any way to participate in this offer Any participation is totally voluntary and the offer is being made on a best effort basis.

    23. SBICPSL reserves the right to modify or change all or any of the rules and regulations applicable to the offer at any time to the SBI Cardholder.

    24. All disputes and/or differences arising out of this Offer shall be settled by arbitration conducted by a sole arbitrator appointed by SBICPSL. The Arbitration and Conciliation Act, 1996 governs such proceedings to be conducted in English at New Delhi. The award of the arbitrator shall be final and binding on the parties. Existence of a dispute or difference does not constitute a claim against SBICPSL.

    25. Government service tax shall be levied on all fees, interest charges, etc as applicable.

    “In case you have opted for the Auto Debit payment mode for the payment of total outstandings on your SBI Card, then, the Total Amount Due on your SBI Card including the Balance Transfer Amount and other charges applicable thereto will be debited from your bank account on the Due Date”.

  • Terms and Conditions of Flexipay

    1. The Flexipay facility is open to all residents of India holding a valid and current SBI credit card issued by SBI Cards and Payment Services Private Limited (“SBICPSL”) with Minimum Amount Due (“MAD”) as reflected in the last Statement of Account (“ SOA”) paid in full.

    2. The Flexipay facility is not available to the delinquent and any other ineligible SBI credit cardholders determined as per the internal policy of SBICPSL. Accordingly approval of Flexipay facility is at the sole and absolute discretion of SBICPSL.

    3. The Flexipay facility may be availed by the SBI credit cardholder by way of telephone and/or   by way of online booking made via www.sbicard.com

    4. Rate of Interest

    Default rate: The Flexipay facility carries a 14.5% flat rate of interest.
    Dynamic rate: A differential interest rate policy for Flexipay has been incorporated for a select set of cardholders. Under this policy, the applicable interest rate is specific to the cardholder and is intimated prior to availing the facility. The offered rate of interest is determined by factors such as, but not limited to:

    • Past transaction / repayment behavior of the customer
    • Credit risk profile

    The cost of funds and other operational costs for the business also determine the rate of interest. Under this program the interest rate ranges from 8% - 18% p.a. (flat rate of interest).

    5. Changes in factors mentioned above may result in upward or downward revision of the interest applicable on the Flexipay facility from time to time / from offer to offer at the sole discretion of SBI Cards. All fees / charges applicable to the facility may or may not be dynamic and are subject to modifications based on SBI Cards periodic internal review.

    6. Additionally a processing fee will be charged on the Flexipay amount at the rate of 2% subject to a minimum of Rs.149/- and a maximum of Rs.750/-.

    7. The Flexipay facility from SBICPSL is available over different tenures of 6, 12, 24 months, subject to the option exercised by the SBI Credit Cardholders. The tenure option of 36 months is only available for transaction amount and booking amount greater than Rs. 30,000.

    8. The Flexipay facility is subject to a minimum single retail purchase amount of Rs. 2,500 or more. The SBI Credit Cardholders, on making a purchase of Rs. 2,500 or more can call up SBI Card help line within 30 days of the purchase / before the Payment Due Date (whichever is earlier) and ask for transfer of the said retail transaction amount to Flexipay. It is further clarified that transactions under certain merchant categories esp. Jewelry transactions cannot be converted into Flexipay in view of guidelines issued by the Reserve Bank of India from time to time.  Accordingly and in pursuant thereto , SBI Card at its sole instance may decline Flexipay facility on such transaction categories.

    9. For the purposes of booking Flexipay, the period of 30 days from the date of the retail transaction is the defined term (“Term”). If any transaction is converted to Flexipay after the Payment Due Date (“PDD”), interest charges of 3.35% will be levied on the transaction amount for the period beginning from the date of transaction to the date on which Flexipay conversion takes place. Additionally it is clarified that irrespective of the foregoing charges, a cardholder who has not paid the “MAD” in full, late payment charges will be levied.

    10. It is clarified that, if the said retail transaction is paid in full the same cannot be converted to Flexipay. If the transaction amount is partially paid and the unpaid amount is equal to Rs.2500 or more, only the unpaid balance amount can be converted to Flexipay.

    11. In case the SBI Credit cardholders has made multiple retail purchase transactions, each one of them more than Rs. 2,500, then the SBI Credit Cardholders can combine these transactions and move the consolidated purchase amount to the Flexipay Scheme.

    12. The Flexipay facility is applicable/available only on retail purchases (subject to minimum single retail transaction of Rs. 2,500 or more) made by either Primary or Add on SBI Credit Card. No request from Add on SBI Credit Cardholder will be entertained for transfer of retail purchases to Flexipay.

    13. The transfer of retail purchase transaction(s) to Flexipay will only be allowed if Current Balance Amount (Billed and Unbilled) + Interest + Processing Fee is less than the Credit Limit available at the time of transfer to the Flexipay.

    14. It is stipulated, if the SBI credit cardholder is revolving at the time of request for transfer of retail purchase to Flexipay, he will continue to be charged the standard credit card charge of 3.35% on his revolving balance till the time the transfer to Flexipay actually takes place within the Term defined hereinabove.

    15. Upon Flexipay approval, the SBI Credit Cardholder credit limit shall be blocked upto Flexipay Principal Amount + Interest + Processing Fee. The Credit limit gets adjusted as and when the Flexipay installment payments are made by the SBI credit cardholder.

    16. A SBI credit card holder can take multiple Flexipay subject to the available credit limit on his SBI Credit Card account.

    17. Flexipay monthly installment is calculated as (Flexipay Principal Amount + Flexipay interest charge)/ Tenure. Example: Principle amount is Rs.10,000, Interest rate is 14.5% p.a. and Tenure is 24 months. The total interest charge will be (10,000 * 14.5% * 24/12) = Rs.2,900. The EMI is calculated as (10,000 + 2,900)/24.

    18. At any given month the portion of the monthly repayment amount applied towards interest is determined by multiplying the reducing interest rate with the principal outstanding after the deduction of the previous month repayment amount. In other words, the reducing rate of interest is the rate which when charged brings the outstanding principal to zero at the end of the tenor, where the interest charged is calculated on a reducing principal balance. Illustrative example of amortisation scheduled given in point No. 23.

    19. Flexipay monthly installment schedule will begin from the SBI Cardholder next billing statement and continue over the Flexipay tenure. The Flexipay monthly installment (s) shall be included in the MAD of the Statement of account in the duration of the Flexipay tenure.

    20. The MAD will be 5% of the SBI Cardholder existing revolving balances (Retail/Cash/Balance Transfer) and Flexipay monthly installment due (or all Flexipay monthly installments due in case of multiple Flexipays booked by the Cardholder).

    21. Non Payment of MAD will attract normal late payment fees and a standard credit charge of 3.35% on the unpaid Flexipay monthly installments.

    22. Under Payment of MAD will attract normal late payment fees and a standard credit charge of 3.35% on the unpaid Flexipay monthly installments

    23. In the event of non-payment / short payment of the Minimum Amount Due for more than three successive months or 90 days whichever is earlier, the Flexipay shall be closed on 91st day and the principal outstanding along with the outstanding interest accrued till the date of such closure shall be debited to the Credit Card Account and appear in the subsequent monthly statement. SBI Card shall be entitled to demand immediate repayment of such consolidated outstanding amounts. As a part of the Credit Card Account, this balance will now attract all the charges including finance charges at the credit card rate of interest, over-limit charges in the event account balance post transfer of loan outstanding if any exceeds the existing Credit Card limit as mentioned in the cardholders MITC. 

    24. In the event, a cardholder puts a cancellation request, within 45 days of Flexipay facility getting booked then all fees charged will be reversed.

    25. The SBI Cardholder can make request for cancellation of Flexipay by calling the SBI Card helpline.  On receipt of this request, the outstanding Flexipay principal amount is moved back to SBI Cardholders retail balance and a cancellation fee of 3% post 45 days shall be levied on the same. The outstanding principle amount is calculated basis reducing interest rate.

    26. At the time of cancellation of Flexipay, if the SBI Cardholders account is revolving, then the above mentioned amount (Flexipay Principal amount + Cancellation fee) will be added to the revolving balance and will attract a standard credit card interest charges.

    27. Booking a Flexipay on phone will be deemed as acceptance of the terms and conditions of this programme as set forth on www.sbicard.com and/or any other medium chosen by SBICPSL.

    28. Flexipay booking requests sent by mail or electronic mail will be considered valid only if received by SBICPSL within 30 days of transaction date.

    29. No request for Flexipay will be entertained within 90 days of SBI Cardholder’s flipping/change of card request.

    30. Transfer from one Flexipay to another will not be entertained.

    31. The terms and conditions of Flexipay bookings may be altered, amended or changed by SBICPSL at its sole option and discretion at any time without affecting the Flexipay bookings already done.

    32. SBI credit cardholders are not bound in any way to participate in this program. Any such participation is voluntary. Flexipay is offered by SBICPSL on best effort basis.

    31. Government service tax shall be levied on all fees, interest charges, etc as applicable.

    33. All and any disputes or differences arising from the Offer shall be subject to arbitration within the meaning of the Indian Arbitration and Conciliation Act, 1996. A sole arbitrator appointed by SBICPSL for this purpose shall carry out arbitration of all such disputes and/or differences. The award of the arbitrator shall be final and binding on the disputing parties. The place of arbitration shall be New Delhi and the language of arbitration shall be English. Existence of a difference /dispute shall not constitute a claim against SBICPSL.

    33. Illustrative example of amortisation schedule:

    Amortization schedule

    Sr. No. Billing date Installment(Rs.) Interest(Rs.) Principal(Rs.) Balance(Rs.) GST#(Rs.)
    1 18-Nov-11 954.17 214.72 739.44 9260.56 26.54
    2 18-Dec-11 954.17 198.85 755.32 8505.23 24.58
    3 18-Jan-12 954.17 182.63 771.54 7733.69 22.57
    4 18-Feb-12 954.17 166.06 788.11 6945.59 20.53
    5 18-Mar-12 954.17 149.14 805.03 6140.56 18.43
    6 18-Apr-12 954.17 131.85 822.31 5318.24 16.30
    7 18-May-12 954.17 114.19 839.97 4478.27 14.11
    8 18-Jun-12 954.17 96.16 858.01 3620.26 11.89
    9 18-Jul-12 954.17 77.74 876.43 2743.83 9.61
    10 18-Aug-12 954.17 58.92 895.25 1848.58 7.28
    11 18-Sep-12 954.17 39.69 914.47 934.11 4.91
    12 18-Oct-12 954.17 20.06 934.11 0.00 2.48

     

    Principal

    Rs.10000
    Installment Rs.954.17
    R.O.I 14.50%
    Tenure 12 Months

     # Government Service Tax calculated @ 12.36% of interest component.

  • Terms and Conditions of Encash

    1. This Encash Offer ("Offer") is made  by SBI Cards & Payment Services Pvt. Ltd ("SBICPSL") to certain SBI Credit Card holders ("Cardholders"). The intended recipients shall receive the Offer through appropriate medium as chosen by SBICPSL. By availing this Offer and benefits accruing thereto, the Cardholder explicitly agrees to be bound by all the terms and conditions herein. 

    2. This Offer carries a reducing rate of interest, and such reducing rate of interest shall be communicated to the Cardholder vide an amortization schedule duly recorded in the Encash sanction letter issued by SBICPSL to the Cardholder. This Reducing rate of interest shall be charged to the Cardholder on the offered principal amount and for calculating all his financial obligations under this Offer and the same shall be the basis of drawing the appropriate amortization Schedule enumerated under Clause 24 herein below. In addition, the Cardholder shall also be charged a Processing fee at the rate of 2% of the principal amount advanced but subject to a minimum amount of Rs.499  (Four Hundred and Ninety Nine only)  and a maximum of Rs.1,950 (One Thousand Nine Hundred and Fifty Only).

    3. The Rate of Interest applicable for Encash facility is cardmember specific as decided by SBI Cards at its sole discretion and intimated to the cardmember prior to availing the facility. The rate of interest offered to a customer is determined by factors such as, but not limited to:

    • Past transaction / repayment behavior of the customer
    • Credit risk profile

    The cost of funds and other operational costs for the business also determine the rate of interest. Interest rate applicable on Encash facility ranges from 7% - 24.55%.

    4. Changes in factors mentioned above may result in upward or downward revision of the interest applicable on the Encash facility from time to time / from offer to offer at the sole discretion of SBI Cards. All fees / charges applicable to the facility may or may not be dynamic and are subject to modifications based on SBI Cards periodic internal review. 

    5. This Offer is also subject to a maximum limit on the amount  that may be availed by the Cardholder. The limit on the Offer can either be over and above the existing credit limit or from within the existing credit limit of SBI Card. In all events when an Encash is offered over and above the credit limit, the maximum limit shall be  contained and communicated by way of the proposed communication medium as made applicable by SBICPSL to the intended recipient. . In all events when an Encash is offered from the credit limit, the amount offered will be part of the existing credit limit and the credit limit shall be blocked upto Principal availed + Interest component. On payment of the monthly repayment amount, the Credit limit to the extent of monthly repayment amount will be credited back to the existing credit limit. It is clarified that the maximum amount offered will be subject to the available credit limit on the Card at the time of availing the Offer. This Offer (both in case of over the existing limit or within the existing limit) is subject to a minimum request for an amount of Rs. 10,000 (Ten Thousand Only).

    6. The  Cardholders are being offered the option of availing the benefits under this Offer by requesting for a Demand Draft or a Cheque. SBICPSL shall issue either of these two monetary instruments as per choice and request made by the Cardholder.

    7. The monthly repayment amount is calculated as (Principal Amount + Interest charge) / Tenure in months.  The interest charged is the reducing rate of interest and accordingly at any given month the portion of the monthly repayment amount applied towards interest is determined by multiplying the reducing interest rate with the principal outstanding after the deduction of the previous month repayment amount. In other words, the reducing rate of interest is the rate which when charged brings the outstanding principal to zero at the end of the tenor, where the interest charged is calculated on a reducing principal balance.

    8. The monthly repayment schedule will begin from the SBI Cardholder next billing statement and continue over the tenure period chosen for the Offer.

    9. The Minimum Amount Due (MAD) will be 5% of the SBI Cardholders existing revolving balances (Retail/Cash/Balance Transfer) and the monthly repayment amount due under the Offer (or all monthly repayment amounts due in case of multiple Offers).

    10. Non Payment of MAD will attract normal late payment fees and a maximum credit charge of 3.35%p.m. on the unpaid monthly repayment amounts.

    11. Under Payment of MAD will attract normal late payment fees and a maximum credit charge of 3.35%p.m. on the unpaid monthly repayment amounts.

    12. In the event of non-payment / short payment of the Minimum Amount Due for more than three successive months or 90 days whichever is earlier, the Encash facility shall be closed/withdrawn on 91st day and the principal outstanding along with the outstanding interest accrued till the date of such closure shall be debited to the Credit Card Account and appear in the subsequent monthly statement. SBI Card shall be entitled to demand immediate repayment of such consolidated outstanding amounts. As a part of the Credit Card Account, this balance will now attract all the charges including finance charges at the credit card rate of interest, over-limit charges in the event the Account balance post transfer of loan outstanding if any exceeds the existing Credit Card limit as mentioned in the cardholders MITC.

    13. The SBI Cardholder is supposed to pay the MAD in full to avoid getting delinquent.


    14. The SBI cardholder shall be levied a foreclosure fee amounting to 3% of the Principal amount outstanding in case of the Offer being voluntarily pre-closed by the customer prior to the maturity of the tenure period opted for. The principal outstanding is calculated basis reducing interest rate as shown in the amortisation scheduled sent along with Encash Cheque/ Draft. In the illustration mentioned in point 24 the “balance” column will be used to calculate the foreclosure amount for example if the cardholder forecloses in the 5th month the foreclosure amount will be calculated as Rs 12097.82*3% =Rs 362.93.
     
    15. In the event, a cardholder puts a cancellation request, within 45 days of Offer getting booked then all fees charged will be reversed. Notwithstanding above it is clarified that the applicable charges will not be reversed once a cheque or a draft issued to the cardholder has been cleared and resulted in a clear credit to the Cardholder account . Also in all cases of cancellations post 45 days, the fees charged will not be reversible and the same shall be charged to the cardholder.

    16. No request for change in billing cycle will be entertained before all the repayment amounts have been cleared by the Cardholder.

    17. Transfer from this Offer to any other offer will not be entertained. SBICPSL reserves its absolute right at any time to add, alter, modify or change or vary terms and conditions herein after giving due notice to the Cardholder.

    18. Cardholders are not bound in any way to participate in this Offer. Any such participation is voluntary.

    19. Government service tax shall be levied on all fees, interest charges etc. as applicable.

    20. All and any disputes or differences arising from the Offer shall be subject to arbitration within the meaning of the Indian Arbitration and Conciliation Act, 1996. A sole arbitrator appointed by SBICPSL for this purpose shall carry out arbitration of all such disputes and/or differences. The award of the arbitrator shall be final and binding on the disputing parties. The place of arbitration shall be New Delhi and the language of arbitration shall be English.

    21. By availing this Offer and by conducting a financial transaction (encashing the Encash Demand Draft / Cheque), and/or by booking the Offer on phone, the Cardholder provides consent and acceptance to all terms and conditions herein including for sharing of all personal, transactional and other related information for the purpose of this Offer.

    22. No request from Add-on being additional SBI Cardholder other than primary Cardholder will be entertained for booking of Offer or availing benefits under this offer

    23. SBICPSL may at its sole option and discretion withdraw this Offer anytime before the Encash Demand draft / cheque has been honoured/banked.

       24. Illustrative example of amortization schedule:

    Sr. No.

    MRA Billing Date* (Rs.) MRA$(Rs.) Interest(Rs.) Principal(Rs.) Balance(Rs.) GST#(Rs.)
    1 10/25/2011 1,833.33 299.53 1,533.80 18,466.20 37.02
    2 11/25/2011 1,833.33 276.56 1,556.77 16,909.43 34.18
    3 12/25/2011 1,833.33 253.25 1,580.09 15,329.34 31.30
    4 1/25/2012 1,833.33 229.58 1,603.75 13,725.59 28.38
    5 2/25/2012 1,833.33 205.56 1,627.77 12,097.82 25.41
    6 3/25/2012 1,833.33 181.19 1,652.15 10,445.67 22.39
    7 4/25/2012 1,833.33 156.44 1,676.89 8,768.78 19.34
    8 5/25/2012 1,833.33 131.33 1,702.01 7,066.77 16.23
    9 6/25/2012 1,833.33 105.84 1,727.50 5,339.28 13.08
    10 7/25/2012 1,833.33 79.96 1,753.37 3,585.91 9.88
    11 8/25/2012 1,833.33 53.70 1,779.63 1,806.28 6.64
    12 9/25/2012 1,833.33 27.05 1,806.28 0.00 3.34

     

               
    Request Id  0000000          
    Principal  Rs.20,000          
    MRA  Rs. 1,833.33          
    R.O.I **  10.00% p.a.          
    Tenure  12 Months          

    The above is an Illustrative example of amortization schedule and the actual amortization schedule will be part of the sanction letter issued to the Cardholder.
    * MRA (Monthly Repayment Amount) Billing Date is the monthly statement date. For payment due date please refer your monthly statement
    $ MRA Excluding Government Service Tax
    # Government Service Tax calculated @ 12.36% of interest component.
    ** - This is the flat rate of interest and is used to calculate the monthly repayment amount. The above flat rate of interest translates into 17.97% p.a. reducing interest rate.

  • MITC in other Languages





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