SBI customer alert! Now, Pay more towards THESE transactions as bank hikes processing fee

New Delhi: State Bank of India (SBI) customers will now have to pay more on transactions related to rent payment and Merchant EMI transactions as the bank has revised the processing fee on credit card users for these category of transactions. The new charges havecome into effect from 15 November 2022. 

"W.e.f. 15 Nov 2022, Processing Fee on all Merchant EMI transactions will be revised to Rs.199 + applicable taxes from Rs.99 + applicable taxes. W.e.f. 15 Nov 2022, Processing Fee of Rs.99 + applicable taxes will be levied on all Rent Payment transactions," SBI website reads.

It may be recalled that in September, private sector lender ICICI Bank too had revised its charges on Credit Card towards rent payment.

In a message sent to its customers, the bank said, "Dear Customers, starting 20-Oct-22, all transactions on your ICICI Bank Credit Card towards rent payment will be charged at 1% fee." With this, the ICICI Bank has become the first bank to levy a charge on rent payments using credit cards.