SBM novio stops being lifetime free — ₹499 a year from 23 October
From 23 October 2026, SBM's novio card charges ₹499 a year (₹299 for virtual-only cards), waived if you spent ₹50,000 the previous year.
What changed
Fee change · SBM Bank India
Before
Nil joining fee and nil annual fee — a lifetime-free card with no spend condition
After
Nil joining; ₹499 a year for physical cards (₹299 for virtual-only cards), waived on ₹50,000 spent in the preceding year; ₹599 to cancel within two years of activation
The card this affects
SBM’s re-issued Key Fact Statement for the novio card dates a new fee schedule: “With effect from 23rd October 2026”.
| Until 22 Oct 2026 | From 23 Oct 2026 | |
|---|---|---|
| Joining fee | Nil | Nil |
| Annual fee | Nil | ₹499 (physical card) · ₹299 (virtual-only) |
| Fee waiver | — | ₹50,000 spent in the previous year |
| Cancellation fee | — | ₹599 within two years of activation |
Charging nothing was most of this card’s appeal. If you spend ₹50,000 a year on it, it still costs nothing. If you don’t, it’s now a ₹499 card, and closing it within two years of getting it costs ₹599.
SBM’s shared MITC still prints a renewal fee of 0 for novio. The KFS is the dated document, so we follow it.
Source: SBM Bank India — novio Key Fact Statement, read 2 October 2026.
Sources
- The story’s source: sbm.bank.in
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