Paytm SBI Card SELECT

1. 1₹4,00,000 a year₹2,000 of value
2. 2₹6,00,000 a year₹4,000 of value

Best for: Heavy Paytm App users (travel, recharges, shopping), Occasional flyers who want lounge access on a mid-fee card, Spenders who clear Rs. 2 lakh a year to waive the fee

Mid tier — a solid all-rounder for steady monthly spend.

Strongest value if you spend heavily on Travel ( 5% back).

Frequent travellers benefit from the included airport lounge access.

• Flat everyday value back on Paytm App spends (5% on Travel, Movies and Mall, 2% other Paytm) plus 1% everywhere else
• Complimentary Super Saver Membership (formerly Paytm First) and Rs. 750 of welcome Reward Points
• 4 domestic lounge visits a year at a Rs. 1,499 fee
• Rs. 2,000 at Rs. 4 lakh and a further Rs. 4,000 at Rs. 6 lakh in milestone vouchers

• Best value needs your spending concentrated inside the Paytm ecosystem
• Cashback is now paid as Reward Points (since 1 July 2024), not instant cashback
• Fuel, wallet loads and (from 9 March 2026) school and education spends earn nothing
• Nothing under Rs. 100 earns at all — a real limit on a recharge-and-bills card
• The Priority Pass has no complimentary visits; every visit costs USD 27 plus tax
• Milestone vouchers are Hush Puppies/Bata or Pantaloons, materially less liquid than cash
• 3.5% forex markup makes it a poor card for foreign spends

Ways to convert what you earn into real value.

🎁 Reward Points redeem at 1 RP = Re. 1 against vouchers and the SBI Card rewards catalogue

🎁 Value back is credited automatically as Reward Points to your account

The Paytm SBI Card SELECT provides solid returns for committed Paytm users through accelerated in-app reward rates, domestic lounge access, Priority Pass membership privileges, and an achievable ₹2 lakh annual spend waiver threshold. However, outside the Paytm ecosystem, its value drops to a standard 1% return, making it less compelling for general retail spenders.

Sources & verification

Fees, reward rates, and benefits for the Paytm SBI Card SELECT are taken from SBI Card 's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page . Last verified 5 Aug 2026 . Reviewed by Devchandra Sah . Always confirm current details on the issuer's site before applying. How we research →

Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for SBI Card . All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.

Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.

Tracking since 2020 · 9 changes · last change Apr 2026

▲ Revaluation ▼ Devaluation ◆ Neutral / reversed

▼ Redemption Observed 26 Feb 2026 · Effective 1 Apr 2026

Statement-credit redemption capped

Unrestricted RP redemption to statement credit → Max 60,000 RP/month, in 4,000-point multiples

From 1 April 2026 SBI capped statement-credit redemption at 60,000 Reward Points per card per calendar month, in multiples of 4,000 RP only (no small or partial redemptions). The 4 RP = Re.1 statement-credit rate is unchanged; the cap limits how fast a Paytm SBI Card SELECT holder can cash out points as statement credit.

Verification: SBI Card ↗ · Confidence: High

▼ Reward Effective 9 Mar 2026

School and education spends stop earning

Reward Points earned → No Reward Points on MCC 5111, 5192, 5942, 5943, 5947, 8211, 8220, 8241, 8244, 8299, 8351

From 9 March 2026 the card stopped accruing Reward Points on School and Education spends, named as a numbered clause in the card's own T&C booklet. This one had gone unrecorded on both Paytm cards until the 2026-08-06 SBI audit; it now binds in card-data via an EDUCATION exclusion.

Verification: SBI Card ↗ · Confidence: High

▼ Fee Effective 1 Nov 2025

1% fee on third-party education and large wallet loads

From 1 November 2025 SBI Card added a 1% fee on education-fee payments made through third-party apps or aggregators (Paytm/PhonePe/Razorpay etc.; direct school/college-website or campus-POS payments stay free) and a 1% fee on digital-wallet loads above Rs.1,000 - both directly relevant to a card built around the Paytm app.

Verification: SBI Card ↗ · Confidence: High

▼ Reward Observed 1 Mar 2024 · Effective 15 Jul 2024

Government transactions stop earning

Reward Points earned → No Reward Points on MCC 9311/9399 etc.

From 15 July 2024 the Paytm SBI Card SELECT, as a co-branded card, stopped accruing Reward Points on government-related transactions - tax payments, fines and government services under MCCs such as 9311 and 9399 - part of an SBI-wide reward-exclusion rollout that reached the core SBI cards on 1 June 2024. Caveat recorded 2026-08-06: neither Paytm T&C booklet lists government or rent in its own exclusion clause, and SBI scopes the portfolio rollout to "certain cards" behind per-card PDFs we could not enumerate. We therefore keep the event but do NOT bind GOVERNMENT or RENT in card-data for the Paytm pair.

Verification: SBI Card ↗ · Confidence: High

▼ Redemption Effective 1 Jul 2024

Cashback replaced by Reward Points

Direct cashback, auto-credited → Reward Points (1 RP = Re.1), redeemed manually

From 1 July 2024 the Paytm SBI Card SELECT stopped paying instant cashback: the same 5%/2%/1% value is now credited as SBI Reward Points at 1 RP = Re.1, which the cardholder must redeem against vouchers or the SBI Card catalogue instead of receiving an automatic cashback credit. The nominal value is unchanged but liquidity and simplicity are reduced.

Verification: CardAdvisor Research · Confidence: High

▼ Fee Effective 15 Mar 2024

Minimum Amount Due calculation revised

From 15 March 2024 SBI revised the Minimum Amount Due formula portfolio-wide (Total GST + EMI + 100% of fees/charges + 5% of [finance charge + retail spends + cash advance] + overlimit; and where 5% is less than the finance charge, the whole finance charge is added). The total owed is unchanged but the minimum payable rises, tightening a billing term for every SBI cardholder including this card.

Verification: SBI Card ↗ · Confidence: High

▼ Fee Effective 17 Mar 2023

Rent-payment processing fee doubled

Rs.99 + GST per rent transaction → Rs.199 + GST per rent transaction

From 17 March 2023 SBI Card doubled the rent-payment processing fee to Rs.199 + GST per transaction (MCC 6513), a system-wide charge that reaches the Paytm SBI Card SELECT.

Verification: CardAdvisor Research · Confidence: High

▼ Fee Effective 15 Nov 2022

Rent-payment processing fee introduced

No processing fee on rent → Rs.99 + GST per rent transaction

SBI Card began levying a Rs.99 + GST processing fee on every rent-payment transaction (MCC 6513) from mid-November 2022, a portfolio-wide charge that applies to the Paytm SBI Card SELECT like all SBI cards.

Verification: CardAdvisor Research · Confidence: High

◆ Launch Observed Oct 2019 · Effective 4 Nov 2020

Paytm SBI Card SELECT launched

SBI Card and Paytm launched the premium tier of their Visa co-brand (early access from 1 November 2020; partnership first announced October 2019): 5% back on movies and travel booked on the Paytm app, 2% on other Paytm app spends and 1% on all other online and offline spends, paid as direct cashback. Joining/annual fee Rs.1,499, a complimentary Paytm First membership, 4 domestic lounge visits a year and a 2-year Priority Pass.

Verification: SBI Card ↗ · Confidence: High

↓ Show all 9 changes Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.

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Quick summary

Type Mid credit card

Reward rate 1%–5%

Best for Heavy Paytm App users (travel, recharges, shopping)

Joining fee ₹1,499

Annual fee ₹1,499

Reviewed by

Devchandra Sah · Cards tested, miles earned, trips booked — for over a decade

Last verified 5 Aug 2026

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