Paisabazaar Step-Up SBM Credit Card
KEY FACT STATEMENT
Table of Contents
A) Fees and Charges
i. Joining fees and Annual membership fees for primary cardholder………2
ii. Cash advance fee……………………………………………………………..2
iii. Service charges levied for transactions……………………………………..4
iv. Interest free (Grace Period)…………………………………………………..5
v. Finance charges for both revolving credit and cash advances….………..5
vi. Overdue interest charges - to be given on monthly & annualised basis...6
vii. Charges in case of default/ Late Payment Fee…………………………….6
viii. Auto-debit………………………………………………………………………8
B) Drawal Limits
i. Credit limit………………………………………………………………………8
ii. Available credit limit…………………………………………………………...9
iii. Cash withdrawal limit………………………………………………………….9
C) Billing
i. Billing statements - periodicity and mode of sending……………………...9
ii. Minimum amount payable/ Minimum amount due…………………………9
iii. Method of payment…………………………………………………………….9
iv. Billing disputes resolution…………………………………………………...10
v. Complete postal address of card-issuer…………………………………...10
vi. Toll free number, email-id, and dedicated telephone number for SMS for
customer care Credit limit…………………………………………………………..10
vii. Grievance Redressal Escalation……………………………………………11
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A) Fees and Charges
i. Joining fees and Annual membership fees for primary cardholder:
Here’s a list of charges:
Description Charges
Joining Fee for FD of less than ₹ 250 + 18% GST
or equal to ₹ 5000
(Minimum FD Amount: Rs.
2000)
Joining Fee for FD more than Nil
₹ 5000
Annual Fee/Renewal Fee ₹ 0*
*With effect from 20th November 2023
Goods and Services Tax (GST) is applicable on all fees, interest and other charges and
is subject to change as and when notified by the Government of India.
ii. Cash advance fee (Cash withdrawal from ATMs):
Description Charges
Cash Advance 2.5% of Amount withdrawal
Fees subject to
₹250 minimum
Late Payment Outstanding Amount Charge
Charges Due
Up to ₹100 Nil
Between ₹100 to ₹250
₹1000
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Between ₹1000- ₹500
₹10000
More than ₹10000
₹750
Over Limit NA
Charges
Card ₹100+Taxes
Replacement
Cost
Foreign 3.5% of the transaction amount
Currency
Transaction
Charge
Fuel Surcharge Up to 2% of transaction amount
Interest From 20 Days to Up to 50 Days
Free
Period
(Grace
Period)
Duplicate ₹ 100
Statement
(Beyond 3
Months)
GST 18% or as may be directed by
Applicable on Government
Fees and
Charges
Grace Period Payment Due Date + 3 Days
until bill
payment
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iii. Service charges levied for transactions:
a. Interest will be charged if the Total Amount Due is not paid by the payment due
date. Interest will be charged on the Total Amount Due and on all new
transactions (from the transaction date) till such time as the previous
outstanding amounts are paid in full.
Also, interest will be levied on all cash advances from the date of the transaction
until the date of payment.
b. The rate of interest may be changed at the sole discretion of SBM Bank.
c. The following illustration will indicate the method of calculating interest charges:
In the table given below, it has been assumed that the Total Amount Due of the
previous month statement has been paid by the payment due date and there is
no outstanding amount. The statement date is the 20th of every month. Given
these assumptions, interest will be calculated as below:
Transaction Amount in INR
Description
Purchase on 15th 5000
Jan 2020
Total Amount Due 5000
on Statement
Dated 20th Jan
2020
Minimum Amount 250
Due on Statement
Dated 20th Jan
2020
Payment Due Date
9th Feb 2020
Purchase on 12th 4000
Feb
Payment Made on 6000
15th Feb 2020
Interest
Calculations
@42.58% PA
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1.Interest on 147.92
₹5000 for 30 Days
(15th Jan -15th
Feb
1.Interest on 23.42
₹3000 for 8 Days
(12th Feb- 20th
Feb 2020
Total Interest 171.34
Charged
GST will be applicable on interest charges.
iv. **Interest free (Grace Period):
Please remember that this facility of an interest-free period will not be available to you if
you have not paid the previous month’s outstanding amount in entirety.
a. The grace period could range from 20 to 50 days.
b. Illustrative Example for the calculation of grace period:
i. For a statement for the period from Jan 20, 2020, to Feb 20, 2020, the payment
due date would be 11th March 2020. Assuming that you have paid your Total
Amount Due of the previous month statement by the payment due date, the grace
period would be: For a purchase dated 25th Jan 2020, the interest-free grace
period is from 25th Jan 2020 to 11th March 2020 i.e., 45 days.
ii. For a purchase dated 19th Feb 2020 the interest-free grace period is from 19th
Feb 2020 to 11th March 2020 i.e., 21 days.
Thus, the grace period can vary depending upon the date of purchase. However, if the
Total Amount Due is not paid by the payment due date, then there will be no interest
free period. For cash advances, interest is charged from the date of the transaction
until the date of payment.
v. Finance charges for both revolving credit and cash advances:
Description Charges
Overdue Interest Interest on Cash
on Extended Advances
Credit
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Annual Monthly Annual Monthly
42.58% 3.00% 42.58% 3.00%
vi. Overdue interest charges- to be given on monthly & annualised basis:
Interest Interest Free Period** Upto 48 days
3.00% per month
42.58% per annum
** Interest Free Period: Please remember that this facility of an interest-free period will
not be available to you if you have not paid the previous month’s outstanding amount
in entirety.
vii. Charges in case of default/ Late Payment Fee:
Late Payment charges will be levied in case a credit card account (statement
outstanding balance) on customer remains "past due" for more than 3 days. The
number of "days past due" and late payment charges will be computed from the
payment due date. You are charged a Late Payment Fee if there has been no payment
or a payment less than the Minimum Amount Due is received by the Payment Due Date
+3 days. Late Payment Fee shall be charged on the outstanding amount.
Illustrative Example for Calculation of Late Payment Charges:
The following illustration will indicate the method of calculating interest charges: In the
table given below, it has been assumed that the Total Amount Due of the previous
month statement has been paid by the payment due date and there is no outstanding
amount. The statement date is the 20th of every month. Given these assumptions,
interest will be calculated as below:
Transaction Amount in INR
Description
Purchase on 15th 5000
Jan 2020
Total Amount Due 5000
on Statement
Dated 20th Jan
2020
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Minimum Amount 250
Due on Statement
Dated 20th Jan
2020
Payment Due Date
9th Feb 2020
Purchase on 12th 4000
Feb
Payment Made on 6000
15th Feb 2020
Interest
Calculations
@42.58% PA
GST will be applicable on interest charges.
Payment of at least the Minimum Amount Due i.e., Rs 100 in the above example, is
required to be paid by the payment due date (9th Feb 2020), to ensure that no late
payment charges are levied. If minimum amount due is not paid, late payment charges
would be levied as per the below table:
Outstanding Charge
Amount Due
Up to ₹100 Nil
Between ₹100 to ₹250
₹1000
Between ₹1000- ₹500
₹10000
More than ₹10000 ₹750
Thus, in the above example, since the minimum amount due of ₹250 is not paid by the
payment due date of 9th Feb 2020 and since Total Amount Due was ₹5000, late
payment charges of ₹500 will be levied on 10th Feb 2020. This charge will also be
applicable if you make a payment of less than the minimum amount due by the payment
due date. GST will be applicable on late payment charges.
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viii. Auto-debit:
- If a customer has registered for auto debit facility towards Credit Card repayment
and has selected Minimum Amount Due option then the same will be executed on
the due date provided no amount is paid by the customer before the due date. If a
customer has paid an amount less than Minimum Amount Due before the due date,
then a differential amount would be debited. If the customer has paid an amount
which is equal to or more than Minimum Amount Due before the due date, then no
additional amount will be debited from customer’s liability account.
- If you spend Rs 5,000 and pay back exactly the Minimum Amount Due (subject to
a minimum payment of Rs 100) every month, it will take you up to 6 years and 6
months to pay back the total amount. We therefore suggest that whenever your
cash flows allow, pay back an amount substantially more than your Minimum
Amount Due.
- No merchant refund/cashback/credit due to transactions converted to cancelled
transactions / reversals / promotional cashback will be considered as a payment
towards the outstanding of the Card. Cash transactions will not be eligible for
Reward Points. In case Card member makes an excess payment compared to the
outstanding of the Card, there will be credit balance in the Card account. This will
be adjusted against the subsequent transactions on the Card. However, no interest
can be claimed on this excess credit amount.
B) Drawal Limits
i. Credit Limit:
The credit limit on the Paisabazaar SBM-Step Up Credit Card shall be 90 percent of the
fixed deposit amount. The said Credit Limit may be subject to change at the sole
discretion of the Bank from time to time.
You shall be required to create the fixed deposit in the manner specified and upon
execution of the relevant documents as specified by the Bank from time to time. The
fixed deposit so created with the Bank shall be on auto renewal mode. By applying for
the SBM-Step Up Credit Card and agreeing to the Terms contained herein, you hereby
give your consent for the fixed deposit to be auto-renewed at the end of its tenure for a
similar tenure as was booked at the start of the fixed deposit. In the event of closure of
the SBM-Step Up Credit Card by you/Bank, the fixed deposit(s) linked to the SBM-Step
Up Credit Card shall also be closed. Post the deduction of total outstanding, you get
settlement of FD amount including interest earned for the tenure of closure to the source
account number.
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ii. Available Credit Limit:
Available credit limit is calculated by deducting the utilized limit from the Total Credit
Limit.
iii. Cash Withdrawal Limit:
It is a part of credit limit which can be used for withdrawing cash from ATMs. The
Credit Limit and Cash Withdrawal Limit are communicated at the time of delivery of the
Card and are also indicated in the monthly statements.
C) Billing
i. Billing statements- periodicity and mode of sending:
All Card Member will be billed on a monthly basis for all charges incurred by the use
of the Card and for all charges applicable to the Card account. In case the card was
not used during the billing cycle, the billing statement will mention there were no
spends in that month.
The billing statement will be dispatched on a monthly basis to you by e-mail. In case
of any help needed, you may call Bank’s helpline number at 1800-103-3817 or
write/visit Bank at: SBM Bank (India) Ltd. 101, Raheja Centre First Floor, Free Press
Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra
ii. Minimum amount payable/ Minimum amount due:
Without prejudice to the liability of the Card Member to immediately pay all charges
incurred, the Card Member may exercise the option to pay only the Minimum Amount
Due (MAD) indicated in the statement by the due date. The Minimum Amount Due
shall be 5% of the outstanding amount. In case of any repayment through installments,
the installment amount due during the statement period will be added to the Minimum
Amount Due. If the total outstanding is more than the credit or cash limit, then the
amount by which the credit or cash limit has been exceeded will also be included in
the Minimum Amount Due. Minimum Amount Due shall also include unpaid Minimum
Amount Due of the previous statements, if any. Interest will be charged if the Total
Amount Due is not paid by the payment due date even if the Minimum Amount Due
has been paid.
iii. Method of payment:
Payments towards the Card Account may be made in any of the following ways.
- Net banking of any bank account using PG link hosted in app & on
website.
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- UPI option using PG link hosted in app & on website.
iv. Billing disputes resolution:
In the event the Card Member disagrees with the charges indicated in the statement, it
should be communicated in writing to the correspondence address of SBM Bank within
60 (sixty) days of receipt of the statement, failing which it would be construed that all
charges indicated in the statement are in order.
- Contact Particulars Customer Care Centers:
Contact SBM Bank on following Toll-Free helpline number – 1800 1033 817 or write to
customercare@sbmbank.co.in
- Or Customers can reach out on following Toll-Free helpline number- 1800 258
5614.
- Or they can write to us- StepUpcare@paisabazaar.com
v. Complete postal address of card-issuer:
SBM Bank (India) Ltd. 101, Raheja Centre First Floor, Free Press Journal Marg,
Nariman Point, Mumbai - 400021, Maharashtra, Tel No: +91 22 4302 8888
Card Issuer Contact Details : https://www.sbmbank.co.in/aboutus/contact-us.php
vi. Toll free number, email-id, and dedicated telephone number for SMS for customer
care credit limit:
In case you need any help, you can:
- Call Bank’s helpline number at 1800-103-3817
- Email your query or concern to customercare@sbmbank.co.in
- Write to Bank or visit at: SBM Bank (India) Ltd. 101, Raheja Centre First Floor,
Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, Tel No:
+91 22 4302 8888
- Visit www.paisabazaar.com and write to StepUpcare@paisabazaar.com
- Call at our Toll-free number - 1800 258 5614 between 9:30 a.m. to 6:30 p.m. from
Monday to Saturday.
vii. Grievance Redressal Escalation:
If you are not satisfied with the response from regular channels, you can send an email
to customercare@sbmbank.co.in or call bank’s toll free number 1800 1033 817.
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The registered office of our bank is- SBM Bank India, 1st Floor, Raheja Centre,
Registered Office :, Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra
400021
- Additionally, you can reach out to the principal nodal officer is Prakash Narayanan
who can be reached at principalnodalofficer@sbmbank.co.in
- Visit at www.paisabazaar.com and write to StepUpcare@paisabazaar.com calling
at our Toll-free number - 1800 258 5614
- Toll-free Number for Grievance Redressal: In the event you are not satisfied with
our services, you may register your grievance by dialling our toll-free number 1800 258
5614 between 9:30 a.m. to 6:30 p.m. from Monday to Saturday.
In the event of a dispute, the Bank will make suitable amends to the reporting procedure
before reporting the card holder as defaulter. However, it may also be noted that such
disclosure/release of information would be contingent on time available to investigate
and settle such disputes raised.
Beyond this level, you can reach out to the bank as per their escalation matrix.
https://www.sbmbank.co.in/aboutus/grievance-redressal-mechanism.php
If the issue remains unresolved beyond 30 days even after reaching out to the above
channels, or if the response is unsatisfactory, you may write to the Banking
Ombudsman for an independent review. Details of the Banking Ombudsman Scheme
are available on the Reserve Bank of India (RBI) website at https://www.rbi.org.in/
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