3 Things will change for SBI customers as of today, 1 January 2020 Therefore, if you are a SBI client, you need to be informed of these changes As of today, 1 January 2020, the State Bank of India (SBI) has changed several laws.
Therefore, you need to be aware of these updates if you are an SBI client. In an attempt to improve customer experience, SBI is making some changes to its offerings such as OTP-based ATM withdrawals, switching to EMV chip debit card, and the its global benchmark-based rate (EBR) resulting in cheaper home loans. But keep up-to-date.
Let's look at what will change in the year 2020 for SBI customers
1) SBI implements ATM transactions based on OTP :
SBI customers will only be able to withdraw ATM over € 110,000 after an OTP check from 1 January 2020 between 8 p.m. and 8 a.m. The withdrawal based on OTP only applies to withdrawals from SBI ATMs. "State Bank ATMs also added another layer of protection for cash withdrawals with the launch of their OTP-based cash withdrawal service.
On the customer's mobile number registered with the bank, OTP will be issued, "said SBI. As per this method, once the withdrawal number is entered by the cardholder, the OTP fields are reflected on the ATM screen. The customer is then required to enter the OTP obtained on the bank's registered mobile number to withdraw the cash.
2) New chip cards from EMV :
From today, 1 January 2020, SBI's magnetic stripes ATM-cum-debit cards will become invalid. Until 31 December 2019, the bank had requested its customers to upgrade their ATM-cum-debit cards to those with an EMV chip.
"Apply now to upgrade your Magnetic Stripe Debit Cards to your home branch's more secure EMV Chip and PIN-based SBI Debit Card by December 31, 2019. Secure yourself with assured authentication, increased security for online payments, and increased security against theft," tweeted SBI.
3) SBI home loans to get cheaper :
SBI reported a fall in its external benchmark-based average (EBR) from 8.05 percent per year by 25 basis points to 7.80 percent per year. Starting today, the evaluation will come into effect. With this cut, interest rates will decline by 25 basis points for existing home loan customers as well as MSME lenders with loans connected to international benchmark-based rates.SBI said that new home buyers would earn interest-rate loans beginning at 7.90 percent per year, compared to 8.15 percent earlier.
Comments