What’s inside:
This article talks about the new service charges being introduced by banks in India, affecting credit card users and cash deposits.
Banks in India are set to introduce new charges for their online services. Both government and private banks have announced these changes, which will start from November 1.
The State Bank of India (SBI) has updated its fee structure for credit card users. From November 1, customers will pay a fee of 3.5 percent for international transactions or online payments made in foreign currencies. This fee will not apply to certain cards like Oorm, Elite, and Prime NRI safe cards.
For some other credit card categories, the fee will range from 1.99 percent to 3 percent. Additionally, customers will now have to pay a fee of 99 rupees when using reward points to buy products or vouchers, though this does not apply to the oral card.
HDFC Bank is also changing its fee structure. They will charge an extra fee of 50 rupees for cash deposits made at cash recycler machines from 11 PM to 7 AM starting November 1. This rule applies to all accounts.
Customers should be aware of these new charges and fees that will take effect soon. It’s important to check your bank’s latest updates to understand how these changes may affect your transactions.
Summary:
- Banks in India are raising charges for online services.
- SBI will charge 3.5% for foreign transactions starting November 1.
- Some credit card holders will see fees from 1.99% to 3%.
- HDFC Bank will impose a ₹50 fee for night cash deposits.
- Customers should stay updated on these changes.
