That's wrong, when you call them they'll say the same thing 2000 RP equivalent to 500 INR with 99+gst redemption fee. Ask them to confirm or connect the call to a supervisor, the supervisor will actually tell you the facts of this card. NO redemption fee and the ratio is ofc 1:1. I redeemed 1000 RP for 1000 rs as statement credits. The card is new so not every SBI executive knows much about the card.