State Bank of India issues advisory for customers

New Delhi: The State Bank of India (SBI) has announced that it will impose a processing fee as well as tax on all EMI transactions made through credit cards. The new rule will come into effect from December 1.

SBI Cards & Payment Services Private Limited (SBICPSL) will charge a Rs 99 processing fee and collect taxes on all credit card EMI transactions. performed at retail locations and e-commerce sites.

Also Read: India Meteorological Department predicts extremely heavy rainfall in Kerala, issues red alert 

The processing fee will be refunded if the EMI transaction fails or is cancelled. In the event of an EMI pre-closure, however, this will not be refunded.