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.
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.
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