Hidden Charges On SBI ATM Cards: Is Your Money At Risk?

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NP English
Thu, 05 Dec 2024 15:38:20 IST
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The State Bank of India (SBI), one of the largest banks in the country, offers ATM-cum-debit cards to its customers. While many believe these cards are provided free of charge when opening an account, they may not realize the various fees and charges associated with them. Let’s take a closer look at these charges and understand how they can impact your finances.

1. Debit Card Issuance Charges

SBI categorizes its debit cards into different types, and the charges for issuing a card vary accordingly:

  • Classic/Silver/Global/Contactless Debit Cards: No issuance charges.
  • Gold Debit Card: ₹100 + GST.
  • Platinum Debit Card: ₹300 + GST.

While entry-level cards are often free, premium cards like Gold or Platinum come with a fee at the time of issuance.

2. Annual Maintenance Charges
Annual charges are levied on all SBI ATM or debit cards starting from the second year of account opening. These charges depend on the type of card you own:

  • Classic/Silver/Global Contactless Debit Card: ₹200 + GST.
  • Yuva/Gold/Combo/My Card Debit Card: ₹250 + GST.
  • Platinum Debit Card: ₹325 + GST.
  • Platinum Business RuPay Card: ₹350 + GST.
  • Pride/Premium Business Debit Card: ₹425 + GST.

    • These fees, often unnoticed, can add up over time, especially for premium cardholders.

    3. Debit Card Replacement Charges

    Lost or stolen your debit card? You’ll need to pay a replacement fee:

    • Replacement Fee: ₹300 + GST.

    This charge is applicable every time you request a new card.

    4. International Transaction Charges

    For customers using their SBI debit cards abroad or for international e-commerce transactions, the fees can be significant:

    • Balance Inquiry at International ATMs: ₹25 + GST.
    • Cash Withdrawal at International ATMs: ₹100 per transaction + 3.5% of the transaction amount + GST.
    • POS/E-commerce Transactions: 3% of the transaction amount + GST.

    These charges can quickly escalate, particularly for frequent travelers or those making regular international purchases.

    Why It’s Important to Stay Informed
    Many customers remain unaware of these hidden charges, assuming their debit card usage is free. However, these fees can quietly eat into your savings if left unchecked. To avoid surprises:

    • Regularly review your bank statements for deductions.
    • Consider the type of card you actually need—avoid opting for premium cards unless necessary.
  • Be mindful of international transactions, as these can incur significant fees.

    • By understanding these charges, you can better manage your banking expenses and prevent unnecessary outflows.

    Stay informed and keep your finances secure!
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