INSUBCONTINENT EXCLUSIVE:
With effect from October 31, SBI has halved the withdrawal limit on SBI Classic debit card.State Bank of India (SBI), the largest lender of
the country, has ushered in a lot of changes that its customers should know about
With effect from October 31, SBI has revised withdrawal limits on two of its popular debit cards
Separately, the lender has also asked net banking users to link their mobile phones with the service by the deadline of December 1
The latest changes in SBI's rules for consumer banking have been released in keeping with the directives of Reserve Bank of India (RBI).(:
SBI's Small Savings Account: Eligibility, Interest Rates And Other Features)Here are 10 latest updates on SBI's new rules for customers:1
With effect from October 31, SBI has halved the withdrawal limit on the Classic and Maestro debit cards.2
Customers can now withdraw only Rs 20,000 as compared to Rs 40,000 earlier from SBI Classic and Maestro debit cards.3
The move aims to checking fraudulent transactions
It is in line with RBI's directive on migration to EMV (Europay, Mastercard and Visa) chip-and-pin cards, which protect user data.4
Besides, SBI has asked all its net banking users to register their mobile phone numbers by December 1.5
the lender had said earlier on its net banking portal - onlinesbi.com.6
SBI asked its customers to link mobile phones with net banking ids after an RBI stated that banks must ask their customers to mandatorily
register for SMS alerts and wherever available, register for e-mail alerts, for electronic banking transactions.7
SBI last revised its fixed deposit interest rates with effect from July 30, 2018
On fixed deposits below Rs 1 crore, SBI pays anything between 5.75 per cent and 6.85 per cent depending on the tenor of the investment
The interest rate payable to senior citizens exceeds the rate payable to general public by 0.5 per cent.8
Earlier this year, SBI revised minimum balance requirements on the basis of its branch locations
Customers with a regular savings bank account in SBI branches located in metro and urban areas are required to maintain a monthly average
3,000, while those in semi-urban and rural branches are required to maintain a minimum average balance of Rs
SBI also revised the penalties that it charges from customers who fail to maintain minimum balances in its savings accounts
Depending on the branch locations, customers who fail to maintain a minimum balance have to pay anything between Rs 5 plus GST (goods and
services tax) and Rs 15 plus GST.(: Want To Open A Zero Balance Savings Account Here's All You Need To Know)10
SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees
It is also the largest mortgage lender in the country
As on June 30, 2018, the bank has a deposit base of Rs
