From today, 1st January 2020, few rules are changing for State Bank of India (SBI). So, if you are an SBI customer, you need to be aware of these changes. In an attempt to improve customer experience, SBI is making some changes in its services like OTP-based ATM transactions, upgradation to EMV chip debit card, and reduction in its external benchmark based rate (EBR) resulting in cheaper home loans. So keep yourself updated.
Let’s take a look at what will change for SBI customers from New Year 2020
1) SBI introduces OTP-based ATM transactions
SBI customers will be able to make ATM withdrawal above₹10,000 only after an OTP verification during 8 pm to 8 am from 1st January 2020. The OTP-based withdrawal is applicable only to withdrawals from SBI ATMs. “With the introduction of its OTP-based cash withdrawal facility, State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer’s mobile number registered with the bank,” SBI said. As per this process, once the cardholder enters the withdrawal amount, the ATM screen displays the OTP fields. The customer has to then enter the OTP received on the mobile number registered with the bank for getting the cash.
2) New EMV chip-based cards
SBI’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 EMV chip before 31 December 2019. “Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI 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,” SBI had tweeted.
3) SBI home loans to get cheaper
SBI announced a reduction in its external benchmark based rate (EBR) by 25 basis points to 7.80% per annum, from 8.05% per annum. The revision will come into effect from today. With this reduction, interest rate for existing home loan customersas well as MSME borrowers who have availed loans linked to external benchmark based rate would come down by 25 basis points. SBI said new home buyers will get loans at an interest rate starting from 7.90% per annum, as compared to 8.15% earlier.