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Forex Markup
2.49%
Cash Advance Charges
Higher of INR 300 or 2.5% of withdrawal amount.
Reward Redemption Fee
NIL
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Interest Rates
2.50%
Over Limit Penalty
NIL
Card Replacement Fee
INR 249
Min. Repayment Amount
5% of the outstanding amount.
Late Payment Fee
INR 299
Cash Advance Limit
50% of the available credit limit.
Pros
1. You do not need to pay any charges on joining.
2. No payment of any fee is required on the renewal of the card.
3. You do not need to pay penalty on over limit.
4. No fees is required to pay at the time of reward redemption.
5. You can earn up to 7% interest on your fixed deposit.
6. You do not need to pay any fee for physical statement.
Cons
1. Add-on card facility is not available.
2. No reward point benefits for EMI transactions and Cash transactions.
3. No Insurance Coverage benefits are available for the cardholders.
4. Reward on Golf or Movie and Dining is not available for the cardholders.
5. No domestic and international lounge access available.
Welcome Benefits
Not Applicable
How to Apply
Install SBM Magnet App and create a fixed deposit account.
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