SBI Customers Alert! Your bank has just shut down these services; mobile banking, festive loans to life insurance certificate

SBI's mobile wallet app, pension account and has also made changes to the processing fee for loans among others. 

SBI Customers Alert! Your bank has just shut down these services; mobile banking, festive loans to life insurance certificate
State Bank of India is all ready to upgrade its services and in the process it has shut down some of its services, Image source: IANS
Written By: ZeeBiz WebTeam
Updated: Sun, Dec 02, 2018
09:54 am
Mumbai, ZeeBiz WebDesk
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India’s largest public sector bank State Bank of India is all ready to upgrade its services and in the process it has shut down its Buddy app, SBI's mobile wallet app, pension account and has also made changes to the processing fee for loans among others.

Here is all you need to know:

1. Internet banking: SBI  will disable your internet banking if you do not link your mobile number before November 30. SBI had announced in October that customers who wish to use internet banking need to link their mobile number with their bank account, failing which the services will be blocked from December 1, 2018. 

On its official website SBI said "Attention INB users, please register your mobile number with us immediately, if not already done, through Branch, failing which the Internet Banking facility may be blocked with effect from 01.12.2018,". So if you have not linked your mobile number to your account then you need to worry.

2. SBI's mobile wallet app: SBI Buddy, has been shut on November 30, 2018, according to an announcement on the banking major's website - sbi.co.in. The SBI Buddy app enable customers to send money, view bank statements, recharge mobile phones and set-top boxes, book movie tickets and shop online, among other features. This app was launched in August 2015.

But there is a relief that the Buddy's alternative - YONO app - will continue to provide services to its customers. SBI's YONO app is a one-stop shop to fulfil all banking, insurance, investments, and daily shopping needs.

Watch Zee Business Tweet video here:

3.Processing fees for loans: On Diwali for the betterment of the customers SBI had introduced a loan offer for government employees having pension account. SBI waived processing fee for central, state and defense pensioners who are not older than 76 years and drew their pension from India's banking giant. The offer was valid only till November 30, 2018. So now, you have to pay processing fees for loans.

4. SBI has informed its customers that they need to upgrade their existing megastrip debit card to newer EMV (Europay, MasterCard and Visa) chip ones as they offer enhanced security. They can to do it before December 31 at any SBI branch without any extra cost. so there is a relief that the customer is having 1 month of time to upgrade their existing megastrip debit card.

5. Customers having pension account with SBI are asked to submit Life Certificate on or befor November 30, 2018. The Life Certificate needs to submitted to complete the process to continue receiving their monthly pension amount. The bank has also given an option to go online and submit the same digitally through Jeevan Pramaan.