Tuesday , April 23 2019

SBI will be Charging Fee for Cheque Payments Against Credit Card Dues

SBI will be Charging Fee for Cheque Payments Against Credit Card Dues

Against Credit Card Dues SBI will be Charging Fee For Cheque Payments

SBI Card will be imposing a charge on payments that are made by cheques. This came into existence from April 1, according to SBI Card’s website. The card company said that the payments made below Rs. 2,000 through cheques will attract a fee of Rs.100. SBI Card said on its website that a fee of Rs.100 will be charged for the payments made through cheque for an amount that is less than or equal to Rs.2000 w.e.f. 1st April ’17. No additional fee is charged for cheque payments that are made greater than Rs. 2000.

“We have been seeing that the majority of payments (more than 90 per cent) are made through non-cheque modes. We have also been observing a trend of payment and related disputes have been rising in small cheque payments which causing inconvenience to customers as well. We offer many seamless digital modes of payment which we are trying to encourage, in line with the government’s focus towards digital payments and this step will facilitate the same,” said CEO of SBI Card Vijay Jasuja.

However, payments are made through cheques will not earn the extra charge.

The move that is made and seen disincentivizing cheque payments, where the card company will be incurring additional processing cost. It also likes to provide a boost to digital payments. It has entered credit card business in 1998 itself by roping GE Capital India, the consumer finance arm of US-based GE Capital. The latest offering of SBI Card has targeted all State Bank of India customers, including Jan Dhan account holders throughout the country. This card is issued to only to the persons with a balance of Rs. 25,000 in their SBI accounts.

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