The State Bank of India (SBI) will no longer automatically renew the debit cards of its customers upon expiration. The bank has clarified the rationale behind this decision.
Normally, SBI renews customers’ debit cards automatically upon expiry. However, if a customer’s account falls under the category of financial inclusion and has not engaged in any debit card transactions for the past 12 months, they will need to personally visit an SBI branch to initiate the renewal of their debit card.
What was SBI’s response?
In response, SBI acknowledged the issue and explained that when an individual’s debit card is nearing its expiration, the bank typically dispatches a new card to their registered address three months ahead of time. However, if the account falls under the category of a Financial Inclusion Account, it’s essential for the customer to have utilized the debit card at least once within the past 12 months or have updated their PAN information in the account. Alternatively, in different scenarios, updating KYC documents will be necessary.
Please note that three months before the expiry of a Debit Card, bank send a new card to the customer at their registered address; provided the account is not a financial inclusion account, the card has been used by the customer at least once in past 12 months and PAN is (1/3), — State Bank of India (@TheOfficialSBI) August 9, 2023
SBI Rules for Debit/ATM Card Issuance
Following SBI’s guidelines, the bank undertakes the automatic renewal of debit cards, dispatching them to customers upon expiration.
Unless your account falls within the scope of Financial Inclusion,
It is imperative to have a minimum of one transaction with your Debit Card within a span of 12 months.
Additionally, the customer’s PAN must be linked to the respective account.
What is the new rule for SBI debit cards?
The updated SBI Card fees will be applicable starting today, March 17, 2023. As of this date, the SBI Cards and Payment Services Fee will see an increase from Rs 99 plus applicable taxes to Rs 199 plus applicable taxes.
Is SBI debit card auto renewal?
The card remains valid until the final day of the expiration month. Card Renewal: At the time of expiration, the Bank will automatically and without charge, renew the card, sending it to the address registered by the customer.
What are the charges for the SBI ATM card 2023?
SBI Debit Card Yearly Maintenance Fees
Debit Card Type Annual Maintenance Fees
Classic Debit Card Rs 125 + GST
Silver/Global/Contactless Debit Card Rs 125 + GST
Yuva/Gold/Combo Debit Card Rs 175 + GST
Platinum Debit Card Rs 250 + GST