Priority Pass
State Bank of India
Elite
The SBI Elite is a premium lifestyle card offering 5X rewards on dining, groceries, and departmental stores, plus free movie tickets worth ₹6,000 annually. While its 1.
Direct link to the issuer's website. Terms apply — verify current offer with the bank.
Data last updated 30 May 2026.
At a Glance
Annual Fee
₹4,999
Joining Fee
₹4,999
Fee Waiver
Spend ₹10,00,000 annually
Lounge Access
See details
Forex Markup
1.99%
Effective Yield
0.5% – 3%
Our Take
The SBI Elite is a premium lifestyle card offering 5X rewards on dining, groceries, and departmental stores, plus free movie tickets worth ₹6,000 annually. While its 1.99% forex markup is a travel highlight, the 2026 "Multiple of 4,000" redemption rule and the high ₹10 lakh annual fee waiver make it a card best suited for heavy domestic spenders.In 2026, the Elite card faced a significant "flexibility" cut. Under the new April 2026 rules, you can only redeem points for statement credit in multiples of 4,000 (₹1,000 value), with a monthly cap of 60,000 points. For travelers, the January 2026 update categorized its 8 domestic lounge visits under "Set B," maintaining broad access but introducing a stricter ₹2 authorization process. While the 6 international lounge visits via Priority Pass and the Club Vistara Silver membership remain strong, the lack of rewards on rent and the steep ₹4,999 renewal fee mean you must maximize the ₹12,500 annual milestone bonus to justify its place in your wallet.
Pros
- Lucrative Milestone 'Kickbacks': Beyond the standard rewards, you earn 50,000 Bonus Points (worth ₹12,500) annually by hitting spend tiers at ₹3L, ₹4L, ₹5L, and ₹8L. For a disciplined spender, this adds a significant 1.5% extra value-back across their total annual spends.
- Comprehensive Movie Benefits: Offers free movie tickets worth ₹6,000 per year (up to ₹250 per ticket, 2 tickets per month via BookMyShow). For a couple who watches one movie a month, this benefit alone covers the card's entire annual fee.
- Competitive 1.99% Forex Markup: Maintains one of the lowest foreign currency markups in the premium segment (outside of 'Zero-Forex' cards). Combined with 2 reward points per ₹100 on international spends, the net cost of overseas swiping is very efficient.
- High-Value Welcome 'Gift': Upon paying the ₹4,999 joining fee, you receive a ₹5,000 e-gift voucher for brands like Yatra, Pantaloons, or Shoppers Stop. This 'neutralizes' the joining cost immediately, making the card effectively free for the first year.
- Elite Hospitality Memberships: Includes complimentary Silver Tier membership to Club Vistara and Trident Privilege. These unlock priority check-ins and accelerated point earnings, adding 'soft' luxury value that isn't reflected in the raw cashback numbers.
Cons
- The 2026 'Redemption Multiple' Trap: Effective April 1, 2026, SBI has restricted statement credit redemptions to multiples of 4,000 points (₹1,000). Furthermore, a new monthly cap of 60,000 points applies to all statement redemptions, limiting 'mega-redemptions' for ultra-high spenders.
- Mediocre Base Reward Rate: Earns just 2 Reward Points per ₹100 (0.5% value-back) on general spends. Compared to the 1.5% base rate of the Axis ACE or the 1% of HDFC Millennia, the ELITE is quite 'weak' for non-category, non-milestone spending.
- The Priority Pass 'Time-Bomb': While the card offers 6 complimentary international lounge visits, the Priority Pass membership itself is only free for the first two years. After Year 2, you may be charged the $99 membership fee unless you specifically request a renewal/waiver.
- Strict Spend-Based Fee Waiver: The ₹4,999 annual fee is only waived at the ₹10 Lakhs annual spend mark. This is a very high barrier compared to competitors like the HDFC Regalia Gold, which often waives fees at much lower thresholds.
- Comprehensive 2026 Category Exclusions: In line with SBI’s latest policy, no reward points are earned on Fuel, Rent, Insurance, and Government payments. These categories also no longer contribute to the ₹10 Lakh annual fee waiver milestone, making the target harder to reach.
Earning & Redemption
How You Earn
| Category | Reward rate | Yield % | Cap |
|---|---|---|---|
| Dining, Groceries & Departmental | 10 Reward Points (RP) per ₹100 | 2.50% | 10,000 RP per month |
| International Spends | 2 RP per ₹100 | 0.50% | No Upper Cap |
| All Other Retail Spends | 2 RP per ₹100 | 0.50% | No Upper Cap |
| Excluded Categories | No Points Earned | 0.0% | — |
Milestone Rewards
| Spend | Benefit | Value | Summary |
|---|---|---|---|
| ₹3 Lakh | Bonus Points10,000 pts | ₹2,500 Value | 10,000 Bonus RP awarded upon reaching ₹3 Lakhs annual spend. |
| ₹4 Lakh | Bonus Points10,000 pts | ₹2,500 Value | Additional 10,000 Bonus RP awarded upon reaching ₹4 Lakhs annual spend. |
| ₹8 Lakh | Bonus Points15,000 pts | ₹3,750 Value | Aggregated bonus points can reach 50,000 RP (₹12,500) at the ₹8L mark. |
| ₹10 Lakh | Fee Waiver0 pts | ₹4,999 + GST Savings | Annual fee for the following year is waived upon hitting ₹10 Lakhs spend. |
| ₹5 Lakh | Bonus Points15,000 pts | ₹3,750 Value | Additional 15,000 Bonus RP awarded upon reaching ₹5 Lakhs annual spend. |
Redemption Value
| Channel | Value per point | Verdict |
|---|---|---|
| Statement Credit (Cash) | ₹0.25 per point4:1 Ratio | Flexible but capped at 60,000 RP (₹15k) per month. |
| Reward Catalogue / Vouchers | ₹0.25 per pointVaries | Use for lifestyle vouchers; ₹99 + GST redemption fee applies. |
What You Need to Know
Utility Processing Fee
1% fee on utility payments exceeding ₹50,000 in a billing cycle.
Impact: Large electricity or insurance bills will incur a net cost despite points earned.
Rent Exclusion
No reward points are accrued on Rent payments as of the 2026 policy update.
Impact: Eliminates the card's utility for meeting milestones via high-value rent spends.
Essential Fine Print
Reward Exclusions
Excluded Categories: Cash advances, Balance Transfer, Encash, Flexipay, Fuel transactions, Wallet loading and Rent payments do not earn reward points.
Welcome Offer
Welcome Gift Voucher
e-Gift Voucher worth ₹5,000 on joining fee payment, redeemable at brands like Yatra, Hush Puppies/Bata, Pantaloons, Shoppers Stop, and Aditya Birla Fashion.
Lounge Access
Priority PassInternational Lounge Access
Complimentary Priority Pass membership with 6 complimentary visits per calendar year (max 2 visits per quarter).
Domestic Lounge Access
2 complimentary visits per calendar quarter to domestic airport lounges in India.
Travel Benefits
Low Forex Markup
Reduced foreign currency mark-up of 1.99% on international transactions.
ITC Silver Tier Membership
Complimentary 1-year ITC Silver Tier Membership membership, eligible after first transaction within 60 days of card issuance.
Dining Benefits
Dining & Grocery Rewards
Earn 5X Reward Points (10 points per ₹100) on Dining, Departmental stores and Grocery spends.
Golf Benefits
Mastercard variant features
Enjoy 4 rounds of complimentary green fees access and up to 50% off on golf games, along with 1 complimentary lesson per month at selected golf courses across India.
Milestone Benefits
Annual Fee Waiver
Annual fee reversal on annual spends of ₹10 Lakhs
Annual Milestone Rewards
Earn up to 50,000 Bonus Reward Points annually: 10,000 points at ₹3 Lakh and ₹4 Lakh spends; 15,000 points at ₹5 Lakh and ₹8 Lakh spends.
Additional Features
Free Movie Tickets
Free movie tickets worth ₹6,000 per year (max ₹500 per month for 2 tickets at BookMyShow).
Concierge Service
Dedicated assistance on flower delivery, gift delivery and online doctor consultations.
Mastercard variant features
Enjoy 4 rounds of complimentary green fees access and up to 50% off on golf games, along with 1 complimentary lesson per month at selected golf courses across India. Enjoy up to 15% discount on the best available room rates and up to 15% discount on F&B at Lalit Hotels
Fees & Charges
| Fee Type | Amount / Details |
|---|---|
| Joining Fee | ₹4,999 |
| Annual / Renewal Fee | ₹4,999 |
| Fee Waiver Threshold | Spend ₹10,00,000 annually |
| Forex Markup | 1.99% |
| Reward Redemption Fee | ₹99 per redemption |
| Fuel Surcharge Waiver | 1% surcharge |
Eligibility Criteria
Age
Age between 18-70 years
Income
Must have a steady, verifiable income.
Ready to apply for Elite?
Annual fee: ₹4,999 · Waived on ₹10,00,000 spend
Annual fee
₹4,999
0.5% – 3% yield