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State Bank of India
SBI Card ELITE
- Joining fee incl. GST
- ₹5,899
- Renewal fee incl. GST
- ₹5,899
- Conditional welcome value
- Up to ₹5,000
- Forex markup
- 1.99%
- Interest p.a.
- 45%
- Min income (salaried)
- —
Welcome benefits depend on the actual offer and qualifying conditions; points and vouchers are not an automatic cash refund. Issued on payment/realisation of the ₹4,999 annual membership fee
Read our editorial review. The verdict, the working behind the numbers, and who should skip it.Read the review ↓How this card earns
Reward rates with their qualifying conditions and caps. Use the calculator for a combined estimate.
Calculation coverage is still under review for this card. A recorded benefit does not mean every condition has been included in the estimate.
What still needs confirmation
- Golf, lounge sub-limits, partner voucher availability and milestone exclusions need account/variant confirmation.
| Spend category | Reward rate | Reward limit |
|---|---|---|
Groceries 10 RP per ₹100 on eligible merchant category codes; shared 10,000 RP monthly ceiling across dining, grocery and department stores, then 2 RP per ₹100. Wholesale merchants listed in the agreement are excluded from acceleration. | 2.5% | ₹2,500 shared reward / monthThen 0.5% on eligible excess |
Dining 10 RP per ₹100 on eligible merchant category codes; shared 10,000 RP monthly ceiling across dining, grocery and department stores, then 2 RP per ₹100. Wholesale merchants listed in the agreement are excluded from acceleration. | 2.5% | ₹2,500 shared reward / monthThen 0.5% on eligible excess |
Selected merchants Only the qualifying merchants or payment route below Eligible department stores only; shares the dining and grocery ceiling. | 2.5% | ₹2,500 shared reward / monthThen 0.5% on eligible excess |
Other eligible purchases 2 Reward Points per ₹100 of ordinary eligible purchases, worth 0.5% at ₹0.25 per point. Eligible dining, grocery and department-store transactions instead earn 10 RP per ₹100, subject to a shared monthly cap. | 0.5% | Unverified |
Excluded from ordinary earning: Fuel, Rent. Specific qualifying offers, if any, are listed above.
Rates apply only to the merchants and conditions described. Shared ceilings cannot be added across rows. Points and vouchers are valued at the stated redemption assumption; use the spending calculator for a combined estimate.
Fees & charges
Spend milestones
| Annual spend | Benefit | Value |
|---|---|---|
| ₹3,00,000 | 10,000 bonus Reward Points on annual spends of ₹3 Lakh | ₹2,500 |
| ₹4,00,000 | 10,000 bonus Reward Points on annual spends of ₹4 Lakh | ₹2,500 |
| ₹5,00,000 | 15,000 bonus Reward Points on annual spends of ₹5 Lakh | ₹3,750 |
| ₹8,00,000 | 15,000 bonus Reward Points on annual spends of ₹8 Lakh (up to 50,000 RP total per year) | ₹3,750 |
Key benefits
- Airport lounge access — 2/quarter domestic, 6/year international
- Welcome e-gift voucher worth ₹5,000
- 2 Reward Points per ₹100 on ordinary eligible purchases; 5X on eligible dining, groceries and department stores, subject to a shared cap
- Up to 50,000 milestone bonus Reward Points per year (₹3L/₹4L/₹5L/₹8L slabs)
- Free movie tickets worth up to ₹6,000 per year (₹250 off, max 2 tickets/month on BookMyShow)
- Complimentary Priority Pass membership (worth USD 99) with 6 international lounge visits/year
- 2 complimentary domestic lounge visits per quarter
- Complimentary Trident Privilege Red Tier membership
- Up to 50% off golf games and one complimentary lesson/month (Mastercard variant)
- Foreign currency markup of 1.99%
- 1% fuel surcharge waiver (₹500–₹4,000, max ₹100 per month)
- For cards eligible for statement-credit redemption, SBI requires blocks of 4,000 points from 1 April 2026 and caps redemption at 60,000 points/month. This is separate from earning; redemption fees and unused balances reduce realised value.
What we like
- +Rich travel and lifestyle benefits (lounge, movies, golf, Trident membership)
- +Foreign currency markup of 1.99%
- +Large milestone bonus reward points (up to 50,000/year)
What to watch
- −High annual fee (₹4,999); waiver needs ₹10 lakh annual spend
- −Low base earn rate of only 0.5% value back
- −Reward point value of just ₹0.25
Our full review
ELITE is not a flat 0.5% card. Eligible dining, grocery and department-store purchases earn 5X points, worth 2.5% at ₹0.25 a point, subject to a shared monthly ceiling. Its annual milestones and fee must be assessed separately.
Reviewed by Thompson Cherian · how we rate cards · all card reviews
Who this is for, and who should skip it
Someone with eligible dining and grocery spending who can also use the benefits. People looking only for a flat reward rate should compare less expensive cards and avoid buying lounge or movie benefits they will not use.
What the issuer terms say
SBI’s cardholder agreement specifies 10 Reward Points per ₹100 in ELITE’s eligible accelerated categories and 2 points per ₹100 on ordinary eligible purchases. The 5X categories share a 10,000-point monthly ceiling, worth ₹2,500 at ₹0.25 a point; spending beyond it earns the ordinary rate. Merchant-category exclusions apply, including named wholesale merchants. This corrects our earlier statement that ELITE only earns a flat 2 points per ₹100.
What it earns you — the maths
These are total monthly budgets, not necessarily amounts charged entirely to this card. They repeat for a full year, with card bills paid in full. UPI is separate from the other categories; a non-RuPay card earns nothing on that part. No specific shopping app, bill-payment channel or travel portal is assumed. Select those in the calculator if you use them. Annual reward value is expressed in rupees, not in points.
| Profile | Monthly budget | Annual reward value (₹) | First-year net value | Renewal-year net value |
|---|---|---|---|---|
| Everyday spender | ₹35,000 | ₹4,680 | ₹1,281.18 | ₹1,281.18 |
| Online-first shopper | ₹55,000 | ₹6,660 | ₹9,511.18 | ₹9,511.18 |
| Frequent traveller | ₹1,10,000 | ₹10,980 | ₹17,581.18 | ₹23,480 |
Reading the table: a negative net value is a cost. First year = rewards + eligible first-year milestones − joining fee including GST. Renewal year = rewards + eligible annual milestones − renewal fee including GST, with a modelled spend waiver where earned. Welcome offers are excluded until their conditions are confirmed. Milestone vouchers are assumed usable at face value; reduce their value if you would not use them.
- Everyday spender, renewal year: ₹4,680 reward value + ₹2,500 milestones − ₹5,898.82 fee = ₹1,281.18.
- Online-first shopper, renewal year: ₹6,660 reward value + ₹8,750 milestones − ₹5,898.82 fee = ₹9,511.18.
- Frequent traveller, renewal year: ₹10,980 reward value + ₹12,500 milestones − ₹0 fee (spend waiver met) = ₹23,480.
The monthly splits, in the order groceries / online shopping / dining / fuel / travel / bills / UPI, are:
- Everyday spender: ₹9,000 / ₹7,000 / ₹4,000 / ₹3,000 / ₹2,000 / ₹4,000 / ₹6,000.
- Online-first shopper: ₹8,000 / ₹22,000 / ₹8,000 / ₹3,000 / ₹4,000 / ₹5,000 / ₹5,000.
- Frequent traveller: ₹12,000 / ₹15,000 / ₹12,000 / ₹6,000 / ₹40,000 / ₹8,000 / ₹17,000.
Points are converted at the comparison values, which can differ from cash redemption. These estimates exclude redemption fees, transaction rounding, refunds, financing costs and benefits such as lounges or insurance. Merchant exclusions and transaction timing can change the result.
Provisional calculation: some earning conditions or ceilings for this card remain under review. The figures are a comparison estimate, not a complete forecast or a guaranteed saving.
The fee and renewal decision
The standard joining fee is ₹4,999 + GST = ₹5,898.82. The standard renewal fee is ₹4,999 + GST = ₹5,898.82. Renewal fee of ₹4,999 reversed on annual spends of ₹10,00,000 or more in the preceding year (SBI Card's MITC fee table, verified 3 September 2026; the ₹15 lakh threshold in the same table belongs to SBI Card MILES ELITE, a different product) A welcome voucher is a restricted benefit, not an automatic refund of the fee or GST. Compare the first-year cost separately from the cost of renewal. Check your own offer if it says lifetime free or first year free.
The important conditions
5X points is 2.5% at this redemption value, not 5% cashback. Annual milestone points are separate from monthly earning caps. A ₹5,000 welcome voucher does not cancel the full ₹5,898.82 fee including GST, and it is not cash. Fuel surcharge relief is also separate from earning fuel rewards.
Alternatives
SBI Cashback is worth comparing for eligible online purchases. Axis ACE has a lower fee and different cashback channels.
How we verified this
This is a desk review of issuer material, not a claim of first-hand card ownership. We have removed unsupported generalisations about what other holders report. This review was corrected on 10 September 2026 for the claims discussed above. A review update is not certification of every benefit or future offer. Unresolved calculation coverage is labelled in the examples. Use the issuer’s dated notice or your specific offer where it differs from a general product page.
The linked issuer material above supports the key earning or eligibility claims. The card’s full details and source list include its other published terms. Our methodology separates editorial opinions from calculated estimates. No customer-review average is claimed.
That is our full read on the SBI Card ELITE. The terms are State Bank of India's to change — check the current ones on their page before you apply.
Apply on State Bank of India →If you apply through our link, we may earn a commission from the issuer at no extra cost to you. It never affects our ratings — how we make money.
Frequently asked
What happens after the 5X monthly cap?
The eligible categories share the 10,000-point ceiling. After it is reached, the agreement provides ordinary earning of 2 points per ₹100 rather than ending all rewards.
Do these examples include GST and welcome benefits?
Standard joining and renewal fees include 18% GST in the calculations. First year deducts the joining fee once; renewal year deducts the renewal fee after a modelled spend waiver. Unconfirmed welcome offers are excluded.
Are reward values the same as cash in my bank account?
Not necessarily. Statement cashback, Amazon Pay balance, points, miles and vouchers have different redemption rules. Use the value of the redemption you will actually make, and subtract its charges.
Can I rely on the example to predict my exact statement?
No. It is a monthly estimate with stated assumptions, not a transaction-by-transaction simulation. Merchant codes, caps, excluded payments, refunds, statement dates and rounding can change the result. Use the calculator with your own spending and confirm the issuer’s current terms before applying or renewing.
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