SBI brings three changes in its banking rules to serve better

1st January 2020 State Bank of India (SBI) is changing its rules for customers. This change is to bring improved customer experience. It is brining 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.

The changes for SBI customers from New Year 2020

1) Introduction of OTP-based ATM transactions

From 1st January 2020, during 8 pm to 8 am after an OTP verification SBI customers can withdraw more than Rs 10,000. The OTP-based withdrawal is applicable only to withdrawals from SBI ATMs. As per this process, once the cardholder enters the withdrawal amount, the ATM screen displays the OTP fields. The customer then needs to enter the OTP received on the mobile number registered with the bank to get the cash.

2) New EMV chip-based cards

magnetic stripes ATM-cum-debit cards of SBI are now invalid from 1st January 2020. The bank has asked its customers to update their magnetic stripes ATM-cum-debit cards to the new EMV chip before 31 December 2019.

3) Cheaper SBI home loans

SBI has reduced its external benchmark based rate (EBR) by 25 basis points to 7.80% from 8.05% per annum. The revision has already come into existence. With this reduction, interest rate for existing home loan customers as 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.