SBI to put an end to four customer services in two months

State Bank of India is shutting down four services for customers by the end of the year. SBI is imposing restrictions on cash withdrawals, and making changes to its online banking services and rules.

To prevent ATM fraud and promote digital transactions, SBI is reducing withdrawal for Classic and Maestro ATM-cum-debit card holders to withdraw not more than Rs. 20,000 per day from October 31. The withdrawal limit for these cards was Rs. 40,000. However, customers can switch to other cards offered by SBI if they want a higher withdrawal limit.

SBI is also shutting down its mobile wallet, SBI Buddy, from November 1. The bank has confirmed that SBI Buddy wallets with nil balance are already being shut down. The app had over 12 million users by the end of last year. It is not yet clear as to what will happen to Buddy accounts with balance.

SBI has further notified that customers who want to continue using internet banking services have to link their mobile numbers with the bank by December 1. Customers who have not already registered their mobile numbers with SBI can do so by visiting their nearest branch. People who do not link their numbers by the time will be blocked from using internet banking services.

In accordance with an RBI order, State Bank of India (SBI) has asked customers to replace ATM-cum-debit cards with magnetic stripe with the one with EMV chip before December 31. The Reserve Bank of India had asked banks to issue only chip-based and PIN-enabled debit and credit cards with an aim to protect customers from frauds. EMV chip card protects against counterfeit (skimming) card fraud.

SBI is providing free replacements of their previous ATM-cum-debit cards. However, most SBI customers are already using EMV chip cards.