For State bank of India account holders, 3 things that change from today 3 things will change for State bank of India customers from today, 1st January 2020
So, if you are an State bank of India customer, you need to be aware of these changes
From today, 1st January 2020, few rules are changing for State Bank of India . So, if you are an State bank of India customer, you need to be aware of these changes. In an attempt to improve customer experience, State bank of India is making some changes in its services like O T P-based ATM transactions, upgrade to EM V chip debit card, and reduction in its external benchmark based rate (E B R) resulting in cheaper home loans. So keep yourself updated.
Let's take a look at what will change for S B I customers from New Year 2020
1) State bank of India introduces O T P-based ATM transactions
State bank of India customers will be able to make ATM withdrawal above ₹10,000 only after an O T P verification during 8 pm to 8 am from 1st January 2020. The O T P-based withdrawal is applicable only to withdrawals from State bank of India ATM s. "With the introduction of its O T P-based cash withdrawal facility, State Bank ATM s have added another layer of security for cash withdrawals. O T P will be received on the customer's mobile number registered with the bank," State bank of India said. As per this process, once the cardholder enters the withdrawal amount, the ATM screen displays the O T P fields. The customer has to then enter the O T P received on the mobile number registered with the bank for getting the cash.
2) New E M V chip-based cards
S BI' s magnetic stripes ATM-cum-debit cards will get invalid from today, 1st January 2020. The bank had asked its customers to update their magnetic stripes ATM-cum-debit cards to the ones with E M V chip before 31 December 2019. “Apply now to change your Magnetic Stripe Debit Cards to the more secure E M V Chip and PIN-based S B I Debit card at your home branch by 31st December 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud," S BI had tweeted.
3) S BI home loans to get cheaper
S BI announced a reduction in its external benchmark based rate (E BR) by 25 basis points to 7.80% per year, from 8.05% per year. The revision will come into effect from today. With this reduction, interest rate for existing home loan customers as well as M S M E borrowers who have availed loans linked to external benchmark based rate would come down by 25 basis points. S BI said new home buyers will get loans at an interest rate starting from 7.90% per year as compared to 8.15% earlier.
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