SBI credit card cash withdrawal charges

The ability to withdraw cash from credit cards is a bonus feature offered by many banks. Therefore, cash withdrawals using a credit card are subject to fees. The State Bank of India (SBI) also offers this facility. So, let’s talk about SBI credit card cash withdrawal charges and how you can withdraw money from it.

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Withdrawal charges for SBI credit cards

SBI offers cash withdrawal facility on its credit cards. On domestic credit cards, the bank charges a cash withdrawal fee of 2.5% of the amount you withdraw or Rs 500, whichever is higher. On specific SBI credit card categories, the charges for international cash withdrawals or cash advances, however, could rise up to 3%.

How to withdraw money from SBI credit card?

You can use the cash withdrawal option on your SBI credit card at SBI and non-SBI ATMs. The procedure is similar to using a debit card to withdraw cash and is easy to follow. Here’s how to use an SBI credit card to make a cash withdrawal.

Visit the ATM in your area.
Put your SBI credit card in the available card slot.
Choosing your desired language, select ‘Cash Withdrawal’.
Enter the amount you want to withdraw and click ‘Enter’.
Enter your PIN to complete the transaction.

Limitations and fees for credit card cash advance

Every SBI credit card has a credit limit and a cash advance limit.

Your credit limit is the maximum amount you are permitted to borrow.
The cash advance limit is the maximum amount you are permitted to withdraw as cash.

The percentage of your overall credit limit that can be withdrawn as advance cash on a credit card normally ranges from 20% to 40%. Therefore, if your card’s credit limit is Rs 2 lakh, you can withdraw between Rs 40,000 and Rs 80,000 from an ATM. Cash advance fees, commonly known as withdrawal charges, range from 2% to 5% of each cash transaction made using your SBI credit card.

It’s important to keep in mind that while you can withdraw cash with your SBI credit card, most of your payments can be done online these days, eliminating the need for cash. You can even pay your rent through credit card every month.

FAQs

Is there a daily cap on how much cash may be withdrawn with an SBI credit card?

The majority of the time, SBI credit cards have a daily cash transaction cap. The limit may vary depending on your credit limit and the type of card you're using. You can get in touch with SBI or review the terms and conditions of your credit card to learn the precise limit that is applicable to your card.

Aside from the cash advance cost, are there any other fees?

Yes, in addition to the cash advance cost, there can be additional fees for cash withdrawals made using an SBI credit card. These could include any applicable taxes as well as a finance fee, which is charged from the date of withdrawal unless the amount is repaid.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected]

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