SBI Card holders Big news, SBI Card will now charge a processing fee
Welcome back to our informative blog site knowing steps 360 with our IMP News Segment. There is a piece of important news for the customers of the State Bank of India (SBI). SBI Card is going to apply a processing fee on rent payments from November 15. A processing fee will have to be paid from November 15 for making rent payments through an SBI card. SBI Card has sent a message to the customers in this regard, in which information about the processing fee has been given. SBI Card is the credit card company of State Bank. SBI Card will charge Rs 99 plus GST for rent payments through credit cards. Its new rule is effective from 15 November.
The SBI Card Merchant will also make changes in the processing fee of EMI transactions. Earlier this fee used to be Rs 99 which will increase to Rs 199. Along with this rate, GST will also be applicable at the rate of 18 percent. Therefore, customers paying rent from an SBI credit card will have to add GST in addition to Rs 99.
What are the New Rules about SBI Cardholders 2022
SBI is going to make changes in merchant EMI transactions. This transaction is done at a point-of-sale machine or e-commerce website and is converted into EMI. The customer converts his bill into EMI and every month a specific amount is deducted from his account. Now a new rule has come to the fore regarding rent payments. People also make rent payments through credit cards and for this, they take the help of a third-party app or website. It has the names Redgiraffe, Cred, and Magicbricks.
ICICI Bank Is Also Taking Charges
Those who are unable to pay the rent on time due to lack of money, they get the convenience of paying the rent through a credit card. It gives the time to repay the money till the next month. But with the new rules of the SBI Card, the problems of such people may increase as they will have to pay a separate fee along with GST in addition to the rent.
Earlier, ICICI Bank also implemented the rule of charging 1% for paying rent through credit cards. The new rule has come into effect from October 20, 2022. This means that those who pay rent through ICICI Bank credit cards from Cred, RedGiraffe, MyGet, Paytm, and Magicbricks will have to pay a separate 1% charge. After this SBI Card of State Bank also implemented this rule. Customers will have to pay an additional charge from November 15.
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