Changes have arrived in the world of credit and debit cards for customers of State Bank of India (SBI) and Punjab National Bank (PNB) starting from July 1. These adjustments mean some old services will be discontinued while new ones will take their place.
Starting with credit card payments, the Reserve Bank of India (RBI) has set forth new guidelines. All banks, including SBI and PNB, are now required to process credit card bill payments through the Bharat Bill Payment System (BBPS). However, as of now, only 8 banks in the country have fully implemented this system.
For SBI credit card users, there’s a change in rewards policy. Effective July 1, 2024, customers will no longer earn reward points on transactions involving government payments.
Meanwhile, ICICI Bank, a popular private bank, has increased its service charges for credit card transactions. For instance, the fee for card replacement has risen from Rs. 100 to Rs. 200. Additionally, charges for services like check issuance and cash withdrawal have been adjusted.
PNB has introduced new rules for its Platinum Debit Card holders. These cards now offer access to domestic airport and train platform lounges once every 3 months. Moreover, international airport lounge access is available twice a year. The bank has also raised the daily cash withdrawal limit to Rs. 1 lakh and the limit for e-commerce transactions to Rs. 3 lakh.
These changes signify a shift in how customers of these banks will manage their financial transactions moving forward. It’s important for account holders to stay informed about these updates to avoid any inconvenience.