SBM ZET's late fee becomes 5% of the balance from 23 October
From 23 October 2026, a missed payment on SBM's ZET card costs 5% of the outstanding (₹50 to ₹1,000) instead of a flat ₹299, and the cancellation fee covers two years.
What changed
Fee change · SBM Bank India
Before
Flat ₹299 late payment fee; ₹499 to cancel within the first year
After
Late payment fee 5% of total outstanding (minimum ₹50, maximum ₹1,000); ₹499 + GST to cancel within two years of activation
The card this affects
SBM’s ZET Key Fact Statement dates two changes from 23 October 2026:
- Late payment fee: a flat ₹299 becomes 5% of the total outstanding, with a ₹50 minimum and a ₹1,000 maximum. Missing a small payment now costs less; missing a large one costs up to three times more.
- Cancellation fee: the ₹499 + GST charge now applies if you close the card within two years of activation, up from one.
Joining and annual fees stay nil, and forex stays 2.49%.
Source: SBM Bank India — ZET Key Fact Statement, read 2 October 2026.
Sources
- The story’s source: sbm.bank.in
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