- The monthly statements of account shall be sent to the Cardholder by mail unless the Cardholder specifically opts for such statements to be sent by e-mail, in which case they shall be sent at the e-mail address specified by him/her in the application or by a separate intimation. Additionally, the Cardholder may also access his/her Card Account on the Internet, as and when so enabled by SBICPSL, at its website by using his/her PIN to check his/her statement of account. If the Cardholder experiences any difficulty in accessing the electronically delivered statement of account, he/she shall promptly inform SBICPSL. The Cardholder agrees to access his/her aforesaid e-mail account at regular intervals of time. The Cardholder will not hold SBICPSL responsible for his/her not having access, for any reason whatsoever, to the information and statements of account sent to him/her via e-mail. Failure on the part of the Cardholder to receive the statement of account electronically (by e-mail or through access to the Card Account on the Internet) will not avoid his/her liability for the Charges incurred on the Card and the Cardholder shall be liable to make payment for the Charges within 30 days of incurring the Charge on the basis of his/her own record of the transaction or earlier if requested by SBICPSL.
- SBICPSL will debit the Card Account for all the Charges incurred by use of the Card and provided for in the Agreement . Charges in respect of International Transactions incurred in foreign currency will be segregated from the Indian Rupee transactions in the statement of account. All Charges (including those in respect of International Transactions) shall be billed in Indian Rupees. The Cardholder agrees and hereby authorises SBICPSL to convert Charges in respect of International Transactions incurred in foreign currency to Indian Rupees at the applicable foreign exchange rates plus any service charges. SBICPSL will credit the Card Account for all payments made by the Cardholder to SBICPSL and also for any credit received from the Merchant Establishments in favour of the Cardholder. When the Card Account has a debit(s) or a credit(s) to be applied over a statement period as determined by SBICPSL from time to time, SBICPSL will send a monthly statement of account to the Cardholder reflecting such debit(s)/credit(s). The Cardholder's obligations and liabilities under this Agreement will not be affected in any way by non-receipt of the monthly statement of account and the Cardholder shall be liable to settle the Outstanding balance on the Card in due time on the basis of his/her chargeslip, noting, record or any other evidence (electronic or otherwise) of the Charge.
- The monthly statement of account will set out, inter alia, the Outstanding balance on the Card Account, minimum payment required to be made and the due date for payment. The minimum payment due from the Cardholder each month will consist of (a) the monthly payment - this amount is payable by the due date shown on the relevant monthly statement of account and will be 5% of the Outstanding balance on the Card Account or ₹ 200 whichever is higher (refer Tariff of Charges) and (b) any overdue amount and any over limit amount - these amounts are payable immediately,(c) Applicable Taxes; or if the Outstanding balance is less than ₹ 200/-, the minimum amount payable will be equal to the Outstanding balance on the Card Account.
- Unless the interest-free period applies as set out below, SBICPSL will levy a finance charge on any new purchase (and any related debited charge) from the day on which it is debited to the Card Account. The interest-free period fora purchase (and any related debited charge) in any statement period will apply if the Outstanding balance on the Card Account for the previous statement period (if any) is paid in full by its due date. If the Outstanding balance on the Card Account is not paid in full by its due date, a finance charge will be levied on any new purchase (and any related debited charge) from the day on which the purchase (and any related debited charge) is debited to the Card Account and on the Outstanding account balance on the Card Account from the first day of the last statement period. SBICPSL will charge interest on a Cash Advance from the day on which the Cash Advance is debited to the Card Account.
- SBICPSL will ordinarily levy a finance charge on the Purchase Balance Outstanding on the Card Account on a daily basis by applying its current daily percentage rate to the amount of the Purchase Balance Outstanding at the end of each day. SBICPSL will levy a finance charge on Cash Advance balances on a daily basis by applying its current daily percentage rate to the amount of the Cash Advance balance at the end of each day.
- The finance charge as above, will continue to be payable after termination of this Agreement or closure of the Card Account till Outstanding on the Card Account is cleared in full.
- SBICPSL may at any time, under intimation to the Cardholder, vary the finance charge to take into account prevailing interest rates, market forces and credit and business risks.
- No interest will be paid on any credit balances in the Card Account.
- The Cardholder must make payment to SBICPSL each month of at least the minimum amount due as described in clause 6.3 hereinbefore.
- Punctual payment is essential and it is a condition of this Agreement that all payments must reach SBICPSL on or before the payment due date indicated in the monthly statement of account but not later than 30 days from the date of incurring the Charge in any case.
- If the minimum amount due is not paid by the payment due date, a late payment fee will be debited to the Card Account.
- Payments will be applied towards the Charges on the Card Account in the following order:
- In repayment of unpaid fees;
- In repayment of service charges;
- In repayment of membership fee (Joining/Annual);
- In repayment of late payment fee;
- In repayment of cheque dishonoured fee;
- In repayment of collection expenses;
- In repayment of over limit fee;
- In repayment of interest debited to the Card Account;
- In repayment of Charges;
- In repayment of any Charges incurred but not yet billed;
- and thereafter at the discretion of SBICPSL.
- All payments made by cheque/draft are subject to realisation. Outstation cheques/drafts are subject to a collection charge at the prevailing rate, which is subject to change at the discretion of SBICPSL.
- Should any payment instrument be subsequently dishonoured, a fee will be charged in respect of a dishonoured instrument. SBICPSL also reserves the right to initiate all appropriate legal action(s).
- Please refer to MITC for the exact fees for cheque dishonour fee and other related charges.
- Duplicate monthly statements of account will be provided by SBICPSL to the Cardholder only for a period of six months preceding the Cardholder's request and would be subject to a service charge.
- The Cardholder will be liable for all Charges incurred and all other obligations under the terms and conditions of this Cardholder Agreement until the Card Account is repaid in full.
- TATA Cards may at its sole discretion and in accordance to its internal policies and procedures or on request from the cardholder may waive/reverse interest, fees or other charges which had been charged or levied by it to the cardholder.
SMA & NPA
(A) Special Mention Accounts (‘SMA’):
- In furtherance to Regulatory requirements, SBI Card is required to identify incipient stress in the account by creating a sub-asset category viz. 'Special Mention Accounts (‘SMA’)” with the three sub-categories as given in the table below.
- Credit cards are treated as "Loans other than revolving facilities".
Basis for classification
[Principal or interest payment or any other amount wholly or partly overdue]
SMA – 0
Upto 30 days from Payment Due Date (‘PDD’).
SMA – 1
More than 30 days & upto 60 days from PDD
SMA – 2
More than 60 days & upto 90 days from PDD
Example regarding classification of SMA:
- If Payment Due Date (‘PDD’) of a Credit Card account is 31st March 2021, and “Minimum Amount Due (‘MAD’) are not received before this date then after the due date, the account will be mentioned as SMA – 0.
- If the account continues to remain overdue beyond 30 days from PDD i.e., beyond 30th April 2021 then this account shall get tagged as SMA-1. Similarly, if the account continues to remain overdue, beyond 60 days from PDD i.e., beyond 30th May 2021 then this account shall get tagged as SMA – 2.
(B) Non-Performing Asset (NPA):
- A credit card account will be treated as non-performing asset (‘NPA’) if the Minimum Amount Due, as mentioned in the statement, is not paid fully within ninety (90) days from the PDD mentioned in the statement. Further, any account where a settlement or restructuring arrangement has been availed will be classified as NPA. An account continues to be classified as NPA till the entire arrears of interest and principal are paid. Settlement and restructured accounts do not qualify for an upgrade. Finally, if any customer has even one credit card with SBI Card tagged as NPA, all cards of the customer will be classified as NPA.
Example regarding classification of an account as NPA:
- If Payment Due Date (‘PDD’) of a Credit Card account is 31st March 2021, and Minimum Amount Due as mentioned in the statement has not been fully paid by the customer within a period of 90 days from the PDD i.e., till 29th June 2021, then the lender shall consider the credit card account as NPA.
- Notwithstanding anything inconsistent contained in any other clause of the cardholder agreement/ Most important Terms & Conditions it is further stipulated that if the cardholder does not pay the minimum amount due for a period of 180 days, then the credit card services being provided by TATA Cards under this agreement shall stand terminated, however, the cardholder shall continue to be liable for any unpaid sum as on the 180 day plus any finance charges/delayed payment interest that TATA Cards may, at its sole discretion and option and in accordance to its various internal policies & procedures, levy for the period post 180 days after the payment due date.