A few rules have changed for the benefit of State Bank of India customers in the New Year. As the celebrations for the arrival of a new decade is over, it is now time for SBI customers to be aware of the changes that have been brought into effect from January 1, 2020.
Here’s a look at what changed for SBI customers in 2020 and how they will benefit:
OTP-based ATM cash withdrawal
For those withdrawing over Rs 10,000 from an SBI ATM, the bank has introduced a new OTP-based system to provide an extra layer of security for safer transactions. This step of the public sector lender will likely help in curbing ATM and Debit card-related frauds.
SBI customers cannot withdraw over Rs 10,000 from the bank’s ATMs without providing OTPs received on their registered mobile number along with the Debit card PIN. This facility is functional between 8 P.M. to 8 A.M.
“With this facility, SBI has added another layer of safety and security in all its ATMs to minimize the number of unauthorized ATM transactions. This additional factor of authentication for ATM cash withdrawals will protect SBI debit cardholders from the risk of skimming, card cloning, etc,” SBI had earlier said in a statement.
The new facility will not be applicable for cash withdrawal from a non-SBI ATM.
2. Home loan rates slashed
The pubic sector lender has reduced home loan rates. It reduced external benchmark-based rate (EBR) by 25 basis points to 7.80 per cent per annum, from the previous 8.05 per cent. The new rate came into effect from January 1, 2020.
3. EMV Chip-based cards
Magstripe SBI Debit cards are no longer valid. All SBI customers are required to have new EMV chip-based card as per RBI guidelines. If you haven’t yet got an EMV chip SBI ATM-cum-debit card, apply for it now online or at your nearest SBI branch. The EMV Chip-based card facilitates safer transactions.
