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Mint
4 hours ago
- Mint
SBI Card discontinues ₹1 crore air accident insurance coverage. Check details
If you hold an SBI Credit Card, particularly one of its premium variants, there's an important update for you. With effect from July 15, SBI Card has discontinued free air accident insurance coverage up to ₹ 1 crore for select credit cardholders Elite, Miles Elite and Miles Prime. Apart from this, several key changes in payment settlement rules of this credit card as well as Minimum Amount Due (MAD) calculations will also come into effect. These changes will impact the premium users the most, especially those who rely on SBI's credit card insurance benefits and flexible repayment terms. Let us understand more about what has changed and how it may affect you. So far, select SBI credit cardholders (Elite, Miles Elite and Miles Prime) were entitled to complimentary air accident insurance amounting to ₹ 1 crore. However, this benefit will be discontinued with effect from July 15, 2025, as part of SBI Card's latest policy overhaul. Affected card variants include SBI Card Elite, SBI Card Miles Elite and SBI Card Miles Prime. These cards will no longer provide air accident insurance coverage after the cut-off date. If you were relying on this insurance during air travel, then it is vital to re-consider some alternative personal coverage options. Similarly, some cards which offer ₹ 50 lakh air accident insurance with no additional charges will also lose this benefit from July 15. The cards which are impacted by this rule include SBI Card Prime and SBI Card Pulse. Now the users of these cards will have to make new arrangements if they want to retain any sort of air travel insurance coverage. Another major change relates to how SBI adjusts your credit card payments. Earlier, the amount you paid would be distributed based on an internal hierarchy. From July 15, SBI will revise the order in which your payment gets applied to different outstanding amounts. SBI has also announced to tighten the rules around Minimum Amount Due, i.e., the minimum sum that you must pay to avoid default or penalty. The new formula substantially increases the minimum amount by including more components. New MAD calculation includes 100 per cent GST, 100 per cent EMI amount, 100 per cent charges and fees, 100 per cent finance charges, Overlimit amount (if applicable) and 2 per cent of the remaining outstanding balance, reveals customer notices given on This means if you only pay the minimum due each billing cycle month to avoid late fees, then your minimum amount due will turn out to be higher than before, thus affecting your monthly budget and increasing overall interest costs if the full amount isn't paid regularly. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. For all personal finance updates, visit here
News18
4 hours ago
- News18
SBI begins recruitment of 13,455 junior associates
Agency: PTI Mumbai, Jul 24 (PTI) The country's largest lender SBI on Thursday announced that it has started recruitment of 13,455 employees to serve as junior associates. SBI, which employs over 2.36 lakh people, had on July 11 announced plans to do the recruitment to strengthen its customer service nationally. *** Bharatsure raises Rs 6 cr * Insurtech company Bharatsure on Thursday announced a Rs 6 crore fund raise from Inflection Point Ventures and other investors, including Capital A and Atrium Angels. The company, which helps businesses and their users access insurance more easily, will use the funds for scaling up its infrastructure, among other aspects, according to a statement. *** McDonald's India to add 'protein slice' in burgers * QSR player McDonald's India (West and South) on Thursday announced the launch of 'protein slice' to be added to burgers. The slice is completely vegetarian and each piece delivers 5 grams of protein, as per a statement. PTI AA SHW Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
5 hours ago
- Business Standard
Union Bank of India waives charges for non-maintenance of minimum balance
Union Bank of India has announced a complete waiver of charges for not maintaining the minimum balance in general savings deposit accounts, effective from the quarter-ending September, the bank said in a press note. 'This move is aimed at ensuring uniformity, fairness, and enhancing accessibility of basic banking services to customers. We are committed to supporting inclusive growth and believe this step will further strengthen our engagement with the underserved segment of the population,' the bank said. However, the waiver is not applicable to other customized products of savings accounts. Earlier, the charges for non-maintenance of minimum balance in accounts opened under the Pradhan Mantri Jan Dhan Yojana, and savings accounts of pensioners and senior citizens were already removed. Previously, several other banks, such as State Bank of India (SBI), Indian Bank, Canara Bank, Punjab National Bank, and Bank of Baroda, had waived charges for not maintaining minimum balance in savings accounts.
