SBI is making a good attempt to improve account holder’s experience and service. From January 1, 2020, three things are changing and should be noted.
- SBI introduces OTP based ATM transactions. OTP verification is mandatory for all ATM withdrawals exceeding 10,000 during 8:00 PM to 8:00 AM. As per new procedure, once the cardholder enters the withdrawal amount, the ATM screen displays the OTP fields. The account holder has to then enter the OTP received on the mobile number registered with the bank for getting the cash.
- Upgradation to EMV chip debit cards, magnetic stripes ATM-cum-debit cards will get invalid from 1st January 2020. Apply for EMV Chip debit Cards for secure online transactions
- SBI Reduced lending rates for cheaper home loans. SBI said new home buyers will get loans at an interest rate starting from 7.90% per annum, as compared to 8.15% earlier.