Some users have already completed their VYKC, however, their international transactions have been disabled due to the following reasons
- NON F2F KYC
- LRS LIMIT UTILIZED FOR 2024-25
SBM has shared a list these users as of 19-Jun-24 https://docs.google.com/spreadsheets/d/1FzTpdxb7lDKgGxVXpkhzcglRI8B1p4g0c-4KizeZ4tM/edit#gid=1389976186
SOLUTION FOR NON-F2F KYC -
Please inform the user to re-complete the VKYC by sharing the VKYC link and the bank will notify the users once they have enabled the international transactions. However, there is no TAT for the same.
SOLUTION FOR LRS LIMIT UTILIZED FOR 2024-25 -
- The overall TCS LRS limit for SBM users is revised to INR 5,00,000 only in the financial year.
- International transaction spending will be considered at the PAN level.
EXAMPLE 1 | If a user has already transacted INR 500,000 & above internationally using other bank cards (HDFC/HSBC, etc.) in the same financial year and now wants to use an SBM debit card for international transaction spend, the card will decline. |
REASON | The user has already exceeded the TCS limit at the PAN level |
SOLUTION | Inform the user to use Niyo DCB/Equitas debit cards or other bank cards for international transactions |
EXAMPLE 2 | Suppose a user has already transacted INR 300,000 internationally using other bank cards (HDFC/HSBC, etc.) in the same financial year and wants to use an SBM debit card for international transactions. In that case, the user can transact only up to INR 200,000. |
REASON | The user has partially exceeded the TCS limit at the PAN level. |
SOLUTION | Inform the user to use Niyo DCB/Equitas debit cards or other bank cards for international transactions because the available limit is only INR 500,000 |
NOTE - If a user has not used any other card for international transactions, they can use an SBM debit card up to INR 5,00,000.