Over the course of the next two months, India’s largest public lender, State Bank of India, is shutting down four services for customers.

Apart from its earlier announcement that magnetic stripe-based debit cards would stop working by the end of the year, SBI is imposing restrictions on cash withdrawals, and making changes to its online banking services and rules.

Here are the details.

SBI had imposed a cash restriction withdrawal for particular cards

From October 31, SBI account holders using Classic and Maestro ATM-cum-debit cards will be unable to to withdraw more than Rs. 20,000 per day.



The withdrawal limit for these cards was Rs. 40,000, but SBI has reduced it to prevent ATM fraud and promote digital transactions.

The restriction is expected to affect many.

However, customers can switch to other cards offered by SBI if they want a higher withdrawal limit.

SBI is shutting down e-wallet SBI Buddy on November 1

SBI is also shutting down its mobile wallet, SBI Buddy, from November 1.

The bank has said that SBI Buddy wallets with zero balance are already being shut down.

However, it’s unclear what will happen to wallets that still have balance.

Although the app has over 12 million users, the shutdown is unlikely to affect many as SBI has already offered the YONO integrated digital banking platform as an alternative.

Link your mobile number to use internet banking services

SBI has also issued a notification asking all customers to link their mobile numbers with the bank by December 1 if they want to continue using internet banking services.



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 deadline will be blocked from using internet banking services.

Switch to EMV chip debit cards if you haven’t already

In accordance with an RBI order, SBI had earlier announced that all magnetic stripe-based ATM-cum-debit cards belonging to its account holders would stop working by December 31.

It had also asked all affected account holders to replace their old cards with the more secure EMV chip cards.

SBI is providing free replacements.

However, most SBI customers already use EMV chip cards.

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14 COMMENTS

  1. Sir, I want to link my mobile no for Internet Banking Services.
    2) I want to get the EMV chip debit cards to replace present magnetic ATM CUM Debit card.
    Regards

  2. Thank you for your deveopment to prevent fraud calls and fraudulent business transactions.
    If necessary furhter more modifications you can do it.

  3. Jangal Raj.
    Having internal slackness within the banking system and high officials ,just common people are being treated as slaves . God Rama may bless the officers who comes up with the wonderful ideas.
    Ultimately all the costs in implementing against the bright ideas will be born by common poor helpless customer only.

  4. I am a Bank Officer retired from STATE BANK OF PATIALA.

    Now, I intend to change my old ATM-cum- DEBIT CARD with a new one being offered now free of charge. Please inform me what I will have to do to get the needful done.
    Thanking you,

  5. A Strategic Move which would Protect the Account Holder’s Interest and I welcome it.
    The other PSU Banks must also follow the suit.

  6. Withdrawal limit must be increase as it was .It should be upto 50000 per day in three to four attempts in the same bank or any other bank .Lower the limit will surely increase the rush in bank .

  7. SBI, creating more and more complex system and creating unnecessary problems to people, this way they will go then day will come that SBI will stand on Bankrupt situation, One side they say connect mobile no to branchs otherhand when I visit the branch then SBI people say first get transfer CISF no of your very first account to us then we will do. My first SBI account was opened in Pune and now i m leaving in Gurgaon, To get CISF transfer i have to go to Pune, How many days and how much will be speneded, only for a CISF transfer?????? Why i should bear so much cost..? I have better option to switch over to another bank and thats it……………. SBI will loss 1 more customer….. that is the result

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