India’s largest credit card company, SBI, has raised processing fees for processing Encash bookings on its SBI Credit Card. The processing fee will be increased from 1.5% to 2%of the booking amount, a 0.50% increase.
The minimum processing fee is Rs.499, and the maximum of Rs.3,000. These charges will be applicable for processing encash bookings on SBI Card within India only. However, you have time until 03 Jan 2022 to use your SBI Credit Card for processing Encash bookings.
Suppose you are an SBI credit card user. In that case, this news might come as a shock to you because processing fees have increased from 03 Jan 2022 onwards, and it is quite shocking that the processing fee has been hiked at such short notice.
The processing fee will not apply to the following transactions:
- The modifications described above will not apply to Encash’s existing plans.
- These changes will apply to new bookings done after the effective dates mentioned above.
What is SBI Encash?
SBI Encash is a service that allows SBI credit cardholders to withdraw cash from their account ready for instant use.
This processing fee hike will affect all existing and new users of the service, while processing fees on other transactions remain unchanged at this point.
It is important to note that processing fees on other transactions remain unchanged at this point. This change will only affect Encash bookings done after the effective dates mentioned above, and it might be a good idea to check your SBI credit card account for any processing fee changes before making any more purchases.