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Here's what you should know if you're an SBI customer

Jan 01, 2020 15:37 IST

The State Bank of India has announced three major changes for its customers that will be implemented from January 1, 2020. So you are an SBI customer, here's what you should know. #1 SBI to deactivate its SBI magstripe debit card As per RBI guidelines, SBI has asked its customers to replace the Magnetic Stripe Debit Cards with EMV chip and PIN-based cards. All old debit and ATM cards with a magstripe or magnetic stripe will cease to work from January 1. #2 SBI to start OTP-based cash withdrawal system If you have a State Bank of India (SBI) ATM card you might require an OTP (one-time password) to withdraw cash. With effect from January 1, SBI has introduced OTP-based ATM withdrawal for transactions above ₹10,000 between 8 am to 8 pm. However, if you are withdrawing cash from a non-SBI ATM then OTP will not be required. #3 Home, auto loan EMIs from SBI will get cheaper State Bank of India has also reduced its external benchmark based rate or EBR by 25 basis points to 7.8% from 8.05% per annum. With this, SBI will become the first bank to decrease the external benchmark rate after RBI's monetary policy review in December.