The State Bank of India (SBI) has said that it will be charging a processing fee in addition to taxes on all the credit card EMI transactions. According to a DNAIndia report, this rule will come into effect from December 1, 2021. Be it retail outlets or e-commerce stores, the customer will have to pay extra Rs 99 as a processing fee and a tax on that as well. This will be added to the overall cost of the product so the customer will have to pay more.
The government-owned bank sent an e-mail to the customers regarding the same which read, “Dear Cardholder, We would like to inform you that with effect from 01 Dec 2021, Processing Fee of Rs. 99 + applicable taxes will be levied on all Merchant EMI transactions done at Merchant outlet/website/app. We thank you for your continued patronage. Please click here to know more about Merchant EMI Processing Fee."