SBM Niyo global credit card may soon get blocked for international transaction.

[telescope]

Niyo global credit card issued by SBM Bank (FD based) might soon get blocked for international transactions starting 1st October, 2023.

In January 2023, rbi barred SBM Bank from all kind of LRS transactions. At that time, debit card was under LRS, so SBM had to stop International transactions on debit card. But, credit card was not under LRS. Because of that Niyo started issuing credit card backed by fixed deposits as a damage control measure. And they hoped that RBI restriction will be lifted soon.

Now that from the beginning of October 2023, credit cards are set to come under LRS, it is highly likely that SBM will block International transactions on this card.

Neither SBM or Niyo will say this now for obvious reasons but that's the most likely scenario.

Those who are about to travel abroad, please don't rely on this credit card. Make alternate arrangements.

 

[D₹V]

Great update 😎

in terms of pre caution.

 

[hs23]

credit cards are set to come under LRS- source?

 

[telescope]

credit cards are set to come under LRS- source?

Nothing is clear now. Let's wait and see.

 

[rayhan12]

Any update on this ?

 

[MrRobot]

Any update on this ?

I was being offered the same card, they wanted me to create an FD but this same news stopped me in my path. I am too wondering whats the status now, googling does not yield any good results too.

 

[aayusharyan]

Any update on this ?

I will confirm later today whether it's blocked or not.

 

[aayusharyan]

I will confirm later today whether it's blocked or not.

Lol, forgot to check yesterday. Ground reality. It works internationally. Confirmed on POS with tap.