Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Sbi Corporate Virtual Card

    SBI Corporate Virtual Credit Card is designed exclusively to make a single transaction at a set amount without using a physical card to complete the purchase.

    The number on the virtual card randomly-generated. Customers can set a maximum limit against the virtual number and also set the expiry date of the card. The virtual card looks exactly like a physical credit card and is accepted by vendors and merchants who have virtual card payment facility.

    Features and Benefits of SBI Corporate Virtual Card

    • Enhanced Security

    SBI Corporate Virtual Credit Card is not issued as a plastic card to the customers. Since the card details are virtually transferred to the supplier in an encrypted and secure manner, transactions are made without exposing customer’s primary account number and complete credit limit.

    The unique “Card Not Present Transaction” technique is used by SBI where the cardholder is prevented from furnishing a physical credit card to a vendor or at a retail outlet for visual examination at the time of transactions, such as Mail Order/Telephone Order (MOTO), transactions made online at International retail outlets or travel-related purchases made through Global Distribution System (GDS) by means of a virtual terminal.

    • Customised Transaction Controls

    With SBI Corporate Virtual Credit Card, customers can configure and customise controls, such as validity, merchant category, velocity check, limits, etc. for each transaction. The customised controls prevent the customers from any fraudulent transactions by providing minimal exposure.

    Also, the facility to configure certain controls at the time of transactions includes spend category control, single/multiple usages of the virtual card, spending limit, demographic, validity, etc. in case there is any possible breach of the configured controls, authorisation of the virtual card will be blocked by the card.

    • Compliance and Security

    The customer can easily analyse the expenses made on SBI Corporate Virtual Credit Card to ensure there is no policy breaches and the transactions made are in compliance with policies.

    The virtual card is not directed but is codified in a certain way to the customer’s primary account number only for disbursement of payments and accounting purposes. This ensures increased security as merchants are never permitted to access the primary account number of the customer.

    • Seamless Reconciliation

    The virtual card number is random and temporary, and SBI Corporate Virtual Credit Cardholders can avail the facility to generate a unique virtual card number during each purchase and transaction. Thus, SBI Corporate virtual card number is exclusive for every unique payment. There are 29 custom data fields available with enhanced data to streamline reconciliation and boost information reporting of each purchase request against each transaction. With the facility of enhanced data capture, SBI Corporate Virtual Cardholders do not have to rely on sellers to add more data.

    • Bottom line Savings

    The extended due date to pay outstanding amount (Extends Days Payables Outstanding or DPO) on SBI Corporate Virtual Credit Card gives the customers the opportunity to increase savings and at the same time helps improve the Days Sales Outstanding (DSO) of suppliers. SBI Corporate Virtual Credit Cardholders are also able to improve their chance to negotiate for a discount on the early payments with the sellers. With “e-Payables” process the transaction processing workload becomes effectively less, and cash flow and revenues also get a significant boost as well.

    Convenience

    SBI Corporate Virtual Credit Card works on a web-based mechanism which is user-friendly and does not cost the corporations any money to implement it. The customers can generate a virtual corporate credit card very easily and even customise transactions in a number of ways.

    E-statement

    Monthly e-statements for SBI Corporate Virtual Credit Card is delivered directly to the inbox of the cardholders. This paperless method is hassle-free, and cardholders do not have to worry about lost statements or late payment penalties due to delays in the postal service. 24x7 Customer Support

    SBI Corporate Virtual Credit Card provides the customers with a dedicated help-desk team and Relationship Managers available 24x7 to assist and support cardholders in answering their queries and complaints. Virtual credit cardholders can call the customer care at 18601801290 or 39020202 any time for assistance.

    Fees and Charges Of SBI Corporate Virtual Card

    Joining fee Nil
    Annual fee Nil
    Interest-Free Credit 20 to 50 days
    Period Finance Charges Up to 3.35% per month 40.2% from the date of the transaction and a maximum of 40.2% per year. ( SBI Corporate Virtual Card is a Charge card and does not offer any revolving facility)
    Total Amount Payable Total Amount Due
    Payment Dishonour Fee 2% of payment amount amounting to a minimum Rs.350
    Charge slip Retrieval Rs.225 per charge slip
    Foreign Currency Transaction 3.5%
    Rewards Redemption Fee Not Applicable
    Annual Reward Fee Not Applicable
    Annual Priority Pass Fee Nil
    OTC Cash Payment Fees Rs.100 + GST
    Cheque Bounce / Invalid Cheque 2% of Cheque Amount with the minimum of Rs.350 and maximum of Rs.500

    Surcharge and Surcharge Waivers

    Railway Tickets From Railway Counters: Rs.30 + 2.5% of transaction amount From www.irctc.co.in: 1.8% of transaction amount + GST
    Petrol & all products/services
    • 1% of transaction amount or Rs.10 (whichever is higher)
    • Signature & Platinum Cards: 1% surcharge waiver (excluding GST + other charges) for single transaction spends between Rs.500 and Rs.4000
    • All Other Cards: Rs.500 and Rs.3,000 for
    Maximum surcharge waiver For Signature & Platinum Cards: Rs.250 per statement cycle per credit card account For All Other Cards: Rs.100 per credit card account
    Payment of Custom Duty 2.25% of transaction amount (subject to a minimum of Rs.75)

    Note: 1. Taxes would be charged as and when applicable to all the aforementioned Fees, Interest & Charges.

    2. For Credit Card Statements issued on or after 1st July 2017):

    If the cardholders, as per SBI records on the statement date, are residents of Haryana then CGST for them is 9%, and SGST is 9%. For residents of all other states, the integrated GST is 18%.

    State Bank Corporate Virtual Credit Card: FAQs

    1. What is an SBI Corporate Virtual Credit Card?
    2. SBI Corporate Virtual Credit Card is an online payment solution for corporate organisations without the need to furnish physical card during purchase.

    3. How safe is SBI Corporate Virtual Credit Card?
    4. State Bank Corporate Virtual Credit Card is absolutely safe to use because of the following safety features:

      • Customers’ details such as bank account number, mobile number, and email address are never shared with vendors.
      • The card can be used for one transaction only. Once a transaction is completed successfully, it cannot be used for any other purchase.
    5. What is the expiry date of SBI Virtual Card?
    6. SBI Corporate Virtual Credit Card can be used for one-time transactions. It comes with a predetermined amount, and it is valid only for a definite time. Since virtual credit card does not have any plastic copy, it can be created and used online only. There is no joining fee or annual fee for an SBI Corporate Virtual Credit Card.

    7. What are the benefits of using SBI Corporate Virtual Card during any online purchase?
      • With SBI Corporate Virtual Credit Card, customers can make a transaction online without disclosing information of their primary account. It is thus a very secure and easy way to make a transaction online. It reduces the risk of exposing entire Credit/ Debit limit/ as the Primary Card/ Account information is not communicated to the merchant.
      • The card can only be used once which effectively reduces the chance of misuse or frauds.
    8. Can I buy products on EMI scheme using an SBI Corporate Virtual Credit Card?
    9. No, SBI Corporate Virtual Credit Card is for one-time use only. Hence, it cannot be used to make an e-commerce purchase on EMI.

    10. What is the order of payment settlement for the corporate virtual card?
    11. The order of payment settlement is:

      • Total amount due
      • Fees and other charges
      • Interest charges
      • Retail outstanding
    12. How to unblock a blocked or expired SBI Corporate Virtual Credit Card?
    13. For security purposes, once the virtual credit card is blocked, it cannot be unblocked or re-used.

    14. How many SBI Corporate Virtual Credit Card can I create?
    15. Customers can create any number of virtual credit cards as long as it is in compliance with the company policy.

    16. How to reload an SBI Corporate Virtual Credit Card?
    17. Virtual Card is designed for one-time use only. Hence, it cannot be reloaded or topped.

    18. Can I make multiple purchases with my SBI Corporate Virtual Card before the expiry date?
    19. SBI Corporate Virtual Credit will be deactivated as soon as it is used to make a single purchase. Multiple purchases, therefore, is not possible with SBI Virtual Card.

    20. If the Card is used for an amount lower than the card value, what will happen to remaining value?
    21. The remaining amount will be automatically credited back to the primary account of the cardholder after the card is used.

    22. What is the annual fee for SBI Corporate Virtual Credit Card?
    23. No annual fee is charged for SBI Corporate Virtual Credit Card, and it can be availed free of cost.

    24. Will the Bank guarantee timely delivery/quality of the goods/ services if purchased through Virtual Card?
    25. Since delivery or quality of products is subject to merchant discretion, SBI cannot guarantee the delivery/quality of the goods purchased using SBI Corporate Virtual Credit Card.

    26. Can I withdraw Cash using my Virtual Card?
    27. No, the card can be used only for making online payments.

    28. How can I get a refund from the merchant site on SBI Corporate Virtual Credit Card?
    29. In case, an order is cancelled due to reasons like defects and other service issues, the amount used to purchase the goods will be credited to the primary account after the order cancellation is confirmed.

      

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