SBI card reduces fuel surcharge to 1% from 2.5%

State Bank of India (SBI) card has slashed the fuel surcharge to one per cent from the previous 2.5 per cent.

This action has been taken in line with the overall reduction by oil companies in order to promote digital transactions, reported The Hindu.

SBI card, which has over four million customers across the country.

“Consequent to the revision in fuel surcharge levy on credit card payments from 2.5 per cent to 1 per cent, fuel surcharge waiver on your SBI Card has been revised to 1 per cent w.e.f April 26,” said an official communique by SBI Card.

“The reduction in fuel surcharge had been done in line with the overall reduction by oil companies. He further said that the State Bank of India had a policy, according to which they would absorb the fuel surcharge up to a certain amount,” said Vijay Jasuja, managing director (MD) and the chief executive officer, SBI.

“SBI used to absorb the fuel price earlier too and even now, they were not charging anything to the customers. It must be noted that the SBI card is a joint venture between SBI and the GE Capital,” he added.

Earlier from April 1, The SBI card had started charging an amount of Rs 100 for payment through cheques if the amount was up to Rs 2,000. Although anything above was reported to not attracting any additional fees. SBI card had told reporters that the move was aimed to encourage cashless payments in India, which is in line with the central government’s policy.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.