To boost the digital payment among its customers, SBI Card, has started charging Rs 100 for payment through cheque if the amount is up to Rs 2,000 and anything above will attract no fee. The fee kicks in from April 1.
The move, SBI Card said, is aimed at encouraging digital payments in line with the government’s policy. “A fee of Rs 100 will be charged for payments made by cheque for an amount less than or equal to Rs 2,000 w.e.f April 1, 2017,” it said.
The credit card company, however, said there will be no additional fee for cheque payments greater than Rs 2,000. CEO of SBI Card Vijay Jasuja said that over 90 per cent of its customers make payments through non-cheque mode.
With a customer base of over 4 million, SBI Card operates through a footprint of more than 90 locations in India. SBI Card is a joint joint venture between State Bank of India and GE Capital. The joint venture operates through two companies.
Last month, SBI had said it would increase its stake in SBI Card to 74 per cent by June-end.