SBI debit card charges from April 1, 2024: PSU bank to raise Classic, Yuva, Platinum, Pride debit card fees from Rs 125-350 to Rs 200-425

SBI debit card charges from April 1, 2024: State Bank of India (SBI), the country's largest lender, is all set to hike an annual debit card fee that it charges from its customers by Rs 75 (excluding GST) soon. 

With effect from April 1, 2024, the first day of the financial year 2024-25, SBI will raise the annual maintenance fee applicable to its Classic, Silver, and Global cards to Rs 200 (excluding GST) each from the current Rs 125 (excluding GST), according to its website, sbi.co.in. Similarly, it will start charging an annual fee of Rs 250 plus GST for its Yuva, Gold, Combo, and My Card (Image Card) debit cards from April 1, instead of Rs 175 plus GST.     

SBI debit card annual maintenance charges  

Source: sbi.co.in

When are SBI debit card maintenance charges levied?

The charges are "recovered at the beginning of the second year onwards", according to the SBI website. 

SBI debit card charges for issuance, replacement, PIN generation

Source: sbi.co.in

SBI debit card charges for international transactions

What is the GST rate applicable to SBI debit card charges?

The GST rate of 18 per cent is applicable to the charges, wherever mentioned, according to SBI. 

What are debit card maintenance charges?

There are certain charges associated with owning and using a debit card. The annual maintenance fee is one such charge.

It is the fee that a bank or financial institution may levy on an account holder for the maintenance and upkeep of their debit card. These charges are usually deducted from the account balance at regular intervals, often on a monthly or annual basis. The purpose of these charges is to cover the costs incurred by the bank in providing and servicing the debit card.