SBI Card Updates Late Payment Penalties Effective May 2026
SBI Card revises late payment penalty charges: Key changes in credit card late payment structure from May 1, 2026
The Economic Times
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SBI Card has revised its late payment penalty structure effective May 1, 2026, introducing new charges for lower outstanding amounts. Notably, a ₹100 penalty will apply for outstanding amounts between ₹100 and ₹500, while charges for higher amounts remain unchanged. Repeat offenders will incur additional fees for consecutive missed payments.
- 01New ₹100 penalty for outstanding amounts between ₹100 and ₹500 effective May 1, 2026.
- 02Late payment charge for amounts between ₹500 and ₹1,000 increased from ₹400 to ₹500.
- 03Charges for outstanding amounts above ₹1,000 remain unchanged.
- 04Additional ₹100 charge for missing the minimum payment due for two consecutive cycles.
- 05Cardholders will receive reminders and may face reporting to credit agencies for defaults.
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SBI Card has announced changes to its late payment penalty structure, effective May 1, 2026. A new ₹100 penalty will be applied for outstanding amounts between ₹100 and ₹500, which previously had no charge. For amounts between ₹500 and ₹1,000, the late payment fee will increase from ₹400 to ₹500. Charges for amounts exceeding ₹1,000 remain unchanged. Additionally, if a cardholder misses the minimum amount due for two consecutive cycles, an extra ₹100 charge will be applied for each cycle until the payment is made. SBI Card will send reminders for any outstanding dues and may report defaults to credit information companies after a month of non-payment. The total outstanding amount will be due immediately upon bankruptcy or death of the primary cardholder, with their estate responsible for settling the debt.
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These changes will affect SBI credit card holders, particularly those with lower outstanding amounts, increasing their financial burden if payments are missed.
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