SBI customers alert: The State Bank of India has introduced various changes in money withdrawal to online payments without using SBI debit or credit card from 1st January 2020. First and foremost that has attracted the bank customers the most is the lowering of the home loans from 8.15 per cent to 7.9 per cent. Apart from this, it has introduced OTP-based ATM money withdrawal from January 1st where one needs to keep one's registered mobile phone with him or her while withdrawing money from evening 8 PM to morning 8 AM. SBI has also introduced BHIM Aadhaar Merchant App and BHIM Aadhaar on Board App that would allow an SBI customer to pay online without using SBI debit or credit cards.

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BHIM Aadhaar Merchant App: SBI has introduced BHIM Aadhaar Merchant App that would allow SBI customers to pay online without using the SBI debit card or any other SBI card for online payment. To avail of this service, an SBI customer will have to download BHIM Aadhaar Onboard App in one's Smartphone. After this, one can pay online through a fingertip at those shops where a merchant has BHIM Aadhaar Merchant App. 

EMV chip-based SBI cards: From 1st January 2020, magnetic chip-based SBI debit cards have become useless as the largest banker has announced to replace all such SBI cards by EMV chip-based SBI cards. This move has been taken by the SBI on the Reserve Bank on India guidelines to meet the global payment standards.

Lowering of Home Loan: From 1s January 2020, the SBI home loan interest rate has dipped at its decade low of 7.9 per cent. The SBI announced the decision last week to push its lending business as the corporate loan business was not picking up. 

OTP-based ATM Money withdrawal: From 1st January 2020, an SBI customer won't be able to withdraw more than Rs 10,000 from bank ATM between 8 PM to 8 AM if he or she doesn't have his or her registered mobile phone with them. The SBI has announced to introduce OTP-based ATM money withdrawal from 1st January 2020 from 8 Pm to 8 AM. So, an SBI customer would require both SBI card and registered mobile number for smooth money withdrawal from the ATM.

See SBI tweet below: