OTP compulsory for cash withdrawal at night from SBI accounts from Jan 1

Banks periodically issue instructions to protect customers from fraud and for safe banking. Even after tight security, customers are cheated by ATM, net banking or any other way. Now the country’s largest state-run State Bank of India (SBI) has introduced a new system for customers, through which customers will be able to avoid being a victim of fraud. SBI has changed the rules for withdrawing money from ATMs. The new facility is going to start from January 1, 2020.

Facility will be applicable in SBI ATM

SBI is bringing the facility of One Time Password (OTP) for its customers to withdraw cash from ATMs. This new facility will be implemented in all SBI ATMs across the country. SBI tweeted about this information. Under the facility, SBI customers will have to put OTP on withdrawing money through ATM from January 1, 2020 between eight o’clock in the night to eight in the morning. The bank also said that the OTP will be necessary for withdrawals above Rs 10000.

Reduced EMI in New Year

The country’s largest state-run State Bank of India (SBI) has given a big gift to customers. SBI has cut the external benchmark based rate (EBR). After the cut, it has come down from 8.05 per cent to 7.80 per cent. It has decreased by 25 bps. The new rates are effective from January 1, 2020. SBI has decided to link all floating rate loans of MSME, housing and retail loans to EBR. This will greatly benefit the customers. This is because the EMI of their home loan will decrease. The interest rate will now start from 7.90% per annum on taking a home loan. Earlier this rate was 8.15 percent.