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April 19, 2017

SBI Card to Charge Rs 100 on small payments via cheque

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The payment solutions provider SBI Cards has started charging Rs. 100 for payment through cheque upto Rs. 200. Payments made above Rs 2000 via cheque won't attract any extra charges. SBI Card, which has more than four million customers, started charging the fee from April 1.

With a customer base of over 4 million, SBI Card operates through a footprint of more than 90 CEO of SBI Card Vijay Jasuja said that over 90 per cent of its customers make payments through non-cheque mode. "A fee of Rs 100 will be charged for payments made by cheque for an amount less than or equal to Rs 2,000 w.e.f April 1, 2017," he stated. 
locations in India.

"We have observed a trend of payment related disputes arising in small cheque payments, causing inconvenience to customers as well. We offer several seamless digital modes of payment which we are seeking to encourage, in line with the government's focus towards digital payments and this step will facilitate the same," the CEO added. 

Important Note : SBI Card is a joint joint venture between State Bank of India and GE Capital. The joint venture operates through two companies. Last month, SBI had said it would increase its stake in SBI Card to 74 per cent by June-end. 

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