Paytm SBI Card SELECT Review

Updated 31 August 2026 · By Card Jaano. Fees and features are as listed on SBI Card’s own product page on this date. Check the issuer’s site before you apply.

At a Glance

Joining Fee	₹1,499 + GST (₹1,769 all-in)
Annual Fee	₹1,499 + GST, waived on annual spends of ₹2 lakh
Best Suited For	Existing holders booking travel through Paytm who want lounge access
Reward Type	Reward Points at 1 point equal to ₹1, replacing the earlier cashback

The SELECT is the upper tier of SBI’s Paytm range and it fixes the two biggest gaps in the entry card: it adds lounge access and a spend based fee waiver. Paytm travel earns 5% here against 3% on the cheaper card, the cyber fraud cover doubles to ₹2 lakh, and the fee disappears entirely at ₹2 lakh of annual spend. As with the entry version, SBI is no longer accepting online applications, and the cashback became Reward Points on 1 July 2024.

Rewards & Benefits

Reward rate and earn structure

Spend category	Earn rate	Cap
Paytm Travel	5% back	None published
All other purchases on the Paytm app	2% back	None published
Everything else, online and offline	1% back	None published

SBI states plainly that wallet loads on Paytm or any other app, and fuel, earn nothing at all. Those two exclusions matter because they are exactly the spends people assume a Paytm card will reward. Everything else keeps a 1% floor, which is a stronger base than most co-branded cards offer.

Redemption and what a point is worth

One Reward Point equals ₹1. SBI’s own note confirms that from 1 July 2024 the cashback earned on this card was replaced with Reward Points of equivalent value, so the percentages did not change but the delivery did. Instead of a credit landing on your statement, you now hold points to redeem. If you have held this card since before that date, check your reward balance rather than assuming the value has already been applied.

Welcome and milestone benefits

Benefit	Requirement
Complimentary Paytm First Membership	On joining
Reward Points worth ₹750	Welcome benefit
E-voucher worth ₹2,000	₹4,00,000 annual retail spend
E-voucher worth ₹4,000	₹6,00,000 annual retail spend
Renewal fee waiver	₹2,00,000 annual spend in the previous year

The ₹2 lakh fee waiver is the benefit that does the most work, at roughly ₹16,700 a month. The milestone vouchers at ₹4 lakh and ₹6 lakh are far harder to reach and should be treated as a bonus for very heavy spenders rather than something to plan around.

Lounge access, cover and fuel

Benefit	Allowance
Domestic lounge visits	4 a year, max 1 per quarter
International lounge access	Priority Pass membership worth $99, valid two years
Cyber fraud insurance	₹2,00,000
Fuel surcharge waiver	1% on ₹500 to ₹4,000, max ₹250 per statement cycle

The cyber fraud cover at ₹2 lakh is double the entry card’s and is aimed specifically at online fraud rather than ordinary lost card liability, which suits a card built for app spending. Note that the fuel waiver exists even though fuel earns no reward points.

Fees & Charges

Joining fee	₹1,499 + GST
All-in first year cost	₹1,769
Renewal fee, per annum	₹1,499 + GST from the second year
Spend needed for fee waiver	₹2,00,000 in the previous year
Add-on card fee, per annum	Nil
Fuel surcharge waiver	1% on ₹500 to ₹4,000, max ₹250 per statement cycle

GST of 18% takes the first year cost to ₹1,769, offset by ₹750 of welcome points and the Paytm membership. From year two, clearing ₹2 lakh removes the fee entirely, so an active cardholder pays nothing to keep it. That waiver is what separates this card from the entry version, which has no reversal at all.

The thing that catches people out is the wallet load exclusion. Loading money into a Paytm wallet with this card earns zero and does not count the same way ordinary spending does, so anyone who uses the card mainly to top up a wallet will find they have earned nothing and may also fall short of the ₹2 lakh waiver. Interest rates, forex markup and cash advance charges are set out in SBI Card’s Most Important Terms and Conditions for this product.

Eligibility & Documents Required

SBI does not publish an income floor, age band or credit score cut-off for this card, and it is no longer offered for online application, so there is no live eligibility form. Existing holders keep the card on the terms above. If you approach SBI Card through a branch or relationship channel, expect the standard set: PAN, proof of identity, proof of current address, and either recent salary slips or the last two years of income tax returns if you are self-employed.

Pros & Cons

Pros	Cons
Fee waived entirely at ₹2 lakh of annual spend	Not open to new online applications
5% on Paytm Travel with no published cap	Wallet loads and fuel earn nothing
4 domestic lounge visits plus two year Priority Pass	Domestic lounge limited to one visit per quarter
₹2,00,000 cyber fraud insurance cover	Cashback replaced by points from 1 July 2024

Paytm SBI Credit Card Select vs Competitors

Card	Annual fee	Paytm travel rate
Paytm SBI Credit Card Select	₹1,499, waived at ₹2 lakh	5%
Paytm SBI Credit Card	₹499, no waiver	3%
Cashback SBI Card	Charged annually	Flat online cashback, no app tie

Against the ₹499 entry card, the SELECT is the better product for anyone who can clear ₹2 lakh a year, since the waiver makes it cheaper to hold while paying more. If your Paytm usage has faded, the Cashback SBI Card is the sensible replacement and is still on sale.

How to Apply

SBI Card no longer offers this product for online application, so there is no working apply route on its website. Existing holders keep the terms above and need do nothing. If you want a comparable SBI card that is still being issued, look at the Cashback SBI Card. You can also call the SBI Card helpline to ask whether the Paytm SELECT is available through any offline channel for your segment.

Frequently Asked Questions

Is the Paytm SBI Card SELECT annual fee waived?
Yes, on annual spends of ₹2,00,000 or more in the previous year. Below that you pay ₹1,499 + GST, which is ₹1,769 all in.

Does this card still pay cashback?
Not as cashback. From 1 July 2024 SBI replaced it with Reward Points of equivalent value at 1 point to ₹1. The rates are unchanged but you redeem points instead of receiving a statement credit.

How many lounge visits does the Paytm SBI Card SELECT give?
Four complimentary domestic visits a year, capped at one per quarter, plus a two year Priority Pass membership worth $99 for international lounges.

Do wallet loads earn rewards?
No. SBI excludes wallet loads on Paytm or any other app, and fuel, from earning on this card.

Can I still apply for it?
Not online. SBI Card lists the product for information but does not offer it for online application.

What are the milestone vouchers?
An e-voucher worth ₹2,000 at ₹4,00,000 of annual retail spend, and one worth ₹4,000 at ₹6,00,000.

Bottom Line

Keep it if you already hold it and spend ₹2 lakh a year on cards. At that level the fee disappears, so you hold a card with four lounge visits, a two year Priority Pass, ₹2 lakh of cyber fraud cover and 5% on Paytm travel for nothing at all. That is a good deal by any measure.

Do not chase it. SBI has closed it to online applicants, so there is no dependable route in. And if you cannot clear ₹2 lakh a year, do not keep paying for it either: without the waiver you are spending ₹1,769 annually for one lounge visit a quarter and a 1% floor, which several cards still on sale will beat outright.