SBI Credit Card for NRI: Features, Benefits, Charges, Application
Credit card is highly preferred by NRI over cash as the latter carries higher risk and is cumbersome to carry and travel when the amount is big. Many banks in India offer credit card for NRI and amongst them is SBI NRI platinum card.
The main eligibility criteria is that applicant should have either NRO or NRE or FCNR account with the bank with a term deposit of Rs. 1 Lakh and more.
Here are the features and benefits of Platinum card:
- Hassle free shopping: Card can be used for shopping, dining etc. and payment can be done in INR.
- Cashback: 2% when shopping is done abroad using SBI NRI platinum card
- Add-on card can be applied for parents, spouse, children, and siblings. However the primary card holder is responsible for timely payments. SBI also offers NRI family card. Details of this card are mentioned below.
- 1 power point on every Rs. 100 spent
- 24*7 customer support service
- Personal accident cover
- Travel insurance covering loss/delay of checked-in bags, loss of passport, plane hijacking, and delayed flight.
SBI NRI platinum credit card is expensive considering the target segment. The card carries various charges which otherwise are not applicable on normal cards as follows:
Fees and charges:
- Interest rate: 3.35% per month
- Joining fee: Rs. 1, 500 only once
- Annual fee: Rs. 1, 500 per annum
- Cash advance transaction fee: Upto 1.99% per month. Charge is 3% when used in international ATM.
- Add-on card charge: Rs. 500
Most common details asked by the banks while filling the application form:
- Personal details and address
- Passport, PAN number, Driving license number
- Occupation details, employer name, work industry
- Income details: Monthly salary of self and spouse (if applicable). Income requirement varies for salaried, self employed and retired pensioners.
- IT return
- Latest form 16
- Last 6 months salary slip
- Copy of bank statement, passbook showing last 6 months transactions.
Helpline Numbers: Irrespective of your location, SBI has excellent contact points in many countries including India. Visit this SBI page for more details.
SBI NRI Family Card:
- Only from select SBI branches, you can avail this card for your family.
- Card can be recharged from any corner of the world through internet banking.
- Card can be used at ATMs, PoS terminals or making online payments.
SBI offers wide range of services/products for NRIs. This includes:
- Savings account
- Credit card
- Family card
- Investments and more
NRIs with NRE/NRO/FCNB account which were opened 2 years ago, will have to submit re-KYC documents to the bank. This is as per the RBI guidelines for maintaining updated customer records. Here’s the link to re-KYC form from SBI containing all the details.