From October 1, 2021, as per the regulatory suggestions on e-Mandate on cards, all non-compliant recurring transactions registered at Merchant App/Website on your SBI Card will be declined. You may well nevertheless make payments by employing SBI Credit Card straight on the merchant App/Website. Standing guidelines registered at SBI Card platforms that are non-compliant will also be declined. You may well log in to your SBI Card account and pick the biller to spend your present bill.
To boost security and safety of card transactions though processing standing guidelines / e-Mandate based recurring payments, the new regulatory suggestions shall come into force with impact from October 1, 2021 and any recurring transaction that is not compliant with the framework will not be processed.
The essential elements of the suggestions recommended by RBI are as follows:
Additional element of authentication (by means of OTP) will be necessary every time for –
- Standing Instruction (SI) / recurring transaction registration
- First transaction (Single OTP will suffice if registration & 1st transaction is taking place at the identical time)
- Recurring transactions above Rs 5,000
- Modification or cancellation of e-Mandate
Pre-transaction notifications to be sent to cardholders at least 24 hours prior to actual debit of the recurring transactions.
While SBI Card is working towards delivering an productive option for you, one that is compliant with the new framework, your standing guidelines / e-Mandate based recurring transactions may well be impacted from October 1, 2021. Hence, for any current Standing Instruction payments, we request you to take note of the under to assure timely payment of your bills.
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For Standing Instruction registrations completed at merchant platforms:
Please get in touch with the merchant / service provider to comprehend and carry out the re-registration procedure as applicable. Alternatively, you may well make one-time payments at merchant platforms employing your SBI Credit Card.
For Standing Instruction registrations completed at SBI Card platforms:
Recurring transactions shall not be processed with impact from October 1, 2021. Login to your SBI Card account and make one-time bill payments by following these basic measures:
Through Mobile App
Login by means of the SBI Card Mobile App, open ‘E-store’ and click on ‘Bill Pay & Recharge’. After reading the disclaimer, click on ‘Proceed’ and then pick the Biller to comprehensive bill payment.
Through Website
Alternatively, you may well login by means of the SBI Card Website and then pick ‘Utility Bill Payment’. In the payment web page, click on ‘Pay Now’. After study disclaimer and click on ‘Proceed’ and then elect the Biller to comprehensive bill payment.
Note that any Product Value Proposition for Accelerated Reward Points on Standing Instruction Transactions will not be valid on any Standing Instruction Transaction, which is non-compliant to regulatory suggestions.
Not only SBI Cardholders, but credit card holders of other banks will also face the inconvenience and have to take the corrective measures.