SBI To Increase Debit Card Fees From 1 April 2024

State Bank of India (SBI), the largest lender in the country, is preparing to increase its annual debit card fee for customers by Rs 75 (excluding GST) in the near future.

Effective 1 April 2024, marking the beginning of the financial year 2024-25, SBI will raise the annual maintenance fee for its Classic, Silver and Global cards to Rs 200 (excluding GST) each from the current Rs 125 (excluding GST), as per information available on its official website, sbi.co.in. Additionally, it will introduce an annual fee of Rs 250 plus GST for its Yuva, Gold, Combo and My Card (Image Card) debit cards, up from Rs 175 plus GST.

SBI levies debit card maintenance charges "from the beginning of the second year onwards," according to details provided on its website. The applicable GST rate for SBI debit card charges is 18 per cent, as specified by the bank.

Debit card maintenance charges encompass various fees associated with owning and utilising a debit card. One such fee is the annual maintenance fee, which banks or financial institutions may impose on account holders for the upkeep of their debit cards. These charges are typically deducted from the account balance at regular intervals, usually monthly or annually, and serve to cover the costs incurred by the bank in providing and managing the debit card service.