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The below fees as applicable, are billed to the card account and are stated in the card statement of the month in which it is charged. The fees may vary for each Cardmember, and from offer to offer. The same is communicated to the Cardmember at the time of applying for the Credit Card.
Please note that the entire Schedule of Fees and Charges (as mentioned below) benefits and features may change at any point of time at the discretion of SBM Bank. A notice and/or intimation, in this regard, shall be provided to the card holder before implementation of such change.
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Description |
Fees |
|
Joining Fees |
Nil |
|
Annual Fees |
Nil |
|
Annual Fees Waiver |
Not Applicable |
|
FD Closure % |
1% |
|
Cash Advance Fees/ATM Withdrawal Fees |
2.5% of Withdrawal Amount or 300 INR (Whichever is higher) |
|
Interest Rate for POS/ECOM |
2.5% per month 30% per year |
|
Interest Rate for Cash Transactions |
3.3% per month 40% per year |
|
Interest Free Period |
Up to 45 Days |
|
Late Payment Charge |
299 INR |
|
Physical Statement Fee |
Not Applicable |
|
Service Charges levied for transactions |
|
|
Rewards Redemption Fee |
Nil |
|
Surcharge Fee |
1% |
|
Forex Markup |
2.49% |
|
Over limit Fee |
Nil |
|
Repayment Charges |
Nil |
|
Minimum Amount Due |
5% of Total Amount Due for POS/ECOM 10% of Total Amount Due for Cash Transactions |
|
Card Replacement Fee |
249 INR |
|
Card Cancellation Fee (if the customer cancels the card in the 1st year of card activation) |
499 INR |
|
Draw Limits |
|
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Credit Limit |
The Credit limit shall be 90% of the fixed deposit amount. The said Credit Limit may be subject to change at the sole discretion of the Bank from time to time. |
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Available Credit Limit |
Available credit limit is communicated to Cardmember at the time of card delivery and in the monthly statements. |
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The available credit limit at the time of the statement generation is provided as a part of the monthly statement. |
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Cash Withdrawal Limit |
50% of the available credit limit |
GST is applicable on all fees, interest, and charges.
299 INR will be levied for late payment on credit card.
The grace period is up to 45 days. The grace period can vary depending upon the date of purchase. However, if the Total Amount Due is not paid by the payment due date, then there will be no interest free period. For cash advances, interest is charged from the date of the transaction until the date of payment.
For a statement for the period 1st April to 30th April, the payment due date is 15th of May. Assuming you have paid your previous month's dues in full, the interest free period would be:
For the purchase dated 1st April, interest free grace period is from 1st April to 15th May = 45 days
For the purchase dated 26th April, interest free grace period is from 26th April to 15th May = 19 days
SBM Bank will send the Cardmember a monthly statement showing the payments credited and the transactions debited to the Cardmember's account since the last statement.
Periodicity and mode of sending:
The statement will include all charges incurred using the Card and for all charges applicable to the Card account. In case the card was not used during the billing cycle, the billing statement will mention there were no spends in that month.
The billing statement will be dispatched on a monthly basis to you by e-mail to your registered email ID with the bank. In case of any help needed, you may call Bank’s helpline number at 1800- 103-3817/ write to customer care at customercare@sbmbank.co.in / visit Bank at: SBM Bank (India) Ltd. 101, Raheja Centre First Floor, Free Press Journal Marg, Nariman Point, Mumbai - 400021,Maharashtra.
Without prejudice to the liability of the Card Member to immediately pay all charges incurred, the Card Member may exercise the option to pay only the Minimum Amount Due (MAD) indicated in the statement by the due date.
The Minimum Amount Due shall be –
5 percent of the outstanding amount for POS/ Ecom transactions.
10 percent of the outstanding amount for Cash transactions.
100 percent of the outstanding amount for interest and fees.
SBM Bank Credit Cards offer the Card-member the facility of revolving credit. The Cardmember may choose to pay only the Minimum Amount Due printed on the statement. The balance outstanding can be carried forward to subsequent statements. The
Cardmember can also choose to pay the Total Amount Due or any part of the amount above the Minimum Amount Due. Such payment should be made before the Payment Due Date. Clear funds need to be credited to SBM Bank Card account on or before payment due date to avoid Late Payment Charges.
In case of any repayment through installments, the installment amount due during the statement period will be added to the Minimum Amount Due. If the total outstanding is more than the credit or cash limit, then the amount by which the credit or cash limit has been exceeded will also be included in the Minimum Amount Due. Minimum Amount Due shall also include unpaid Minimum Amount Due of the previous statements, if any. Interest will be charged if the Total Amount Due is not paid by the payment due date even if the Minimum Amount Due has been paid.
If you spend 5,000 INR and pay back exactly the Minimum Amount Due (subject to a minimum payment of 100 INR every month, it will take you up to 6 years and 6 months to pay back the total amount. We therefore suggest that whenever your cash flows allow, pay back an amount substantially more than your Minimum Amount Due.
No merchant refund/cashback/credit due to transactions converted to EMI / cancelled transactions / reversals / promotional cashback will be considered as a payment towards the outstanding of the Card. EMI transactions and cash transactions will not be eligible for Reward Points. Once a transaction has been converted into EMI, it will not be eligible for reward points even if it is reversed/ written off at a later date. In case Card member makes an excess payment compared to the outstanding of the Card, there will be credit balance in the Card account. This will be adjusted against the subsequent transactions on the Card. However, no interest can be claimed on this excess credit amount.
Payments towards the Card Account may be made in any of the following ways and Customers can login into ZET Mobile app and make payments toward Credit Card outstanding using:
Net banking
UPI
All the Contents of the statement will be deemed to be correct and accepted if the Cardmember does not inform SBM Bank of the discrepancies within 30 (thirty) days of the Statement Date in writing. On receipt of such information, SBM Bank may reverse the charge on a temporary basis pending investigation. If on completion of subsequent investigations, the liability of such charges is to the Cardmembers account, the charge will be reinstated in a subsequent statement along with the associated charges.
In the event the Card Member disagrees with the charges indicated in the statement, it should be communicated in writing to the correspondence address of SBM Bank within 30 (thirty) days of receipt of the statement, failing which it would be construed that all charges indicated in the statement are in order.
Contact SBM Bank on following Toll-Free helpline number – 1800 1033 817 or write to customercare@sbmbank.co.in
In the event that you are not satisfied with our services, you may register yourgrievance by -
Visiting https://www.sbmbank.co.in/aboutus/grievance- redressal-mechanism.php
Or calling Bank’s toll-free number - 1800 2099 335/1800 1033 817
Or writing to customercare@sbmbank.co.in.
In the event you are not satisfied with our services, you may register your grievance by dialing our number 1800 2099 335/1800 1033 817 between 9:30 a.m. to 6:30 p.m. from Monday to Saturday.
SBM Bank (India) Ltd. 101, Raheja Centre First Floor, Free Press Journal Marg, Nariman Point, Mumbai - 400021,Maharashtra.
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