Come December 2018, State Bank of India, India’s largest public lender, will be shutting down four services for customers. Here are more details:
- Apart from its earlier announcement that magnetic stripe-based debit cards would stop working by the end of the year, the bank also is imposing restrictions on cash withdrawals and making changes to its online banking services and rules.
- SBI had imposed a cash restriction withdrawal for particular cards and from October 31, SBI account holders using Classic and Maestro ATM-cum-debit cards are unable 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. This restriction is expected to affect many.
- The bank, however, provides an option to its customers to switch to other cards offered by the bank if they want a higher withdrawal limit.
- SBI has shut down e-wallet SBI Buddy from November 1.
- Also, the bank has shut down its mobile wallet SBI Buddy from November 1.
- Further, the bank adds that SBI Buddy wallets with zero balance are already being shut down.
- It is 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.
Notifications from SBI:
- SBI has 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 have not already done so.
- 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, 2018.
- The bank 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.