SBI changed its cash withdrawing rules from ATM BANK NEWS

 

The facility was introduced to minimize the number of unauthorized transactions, as per SBI. With the introduction of its OTP-based cash withdrawal facility, State Bank added another layer of security for cash withdrawals through its ATMs service.

SBI changed its cash withdrawing rules from ATM
State Bank of India (TheQuint)

 

New Delhi: State Bank of India, India's largest public-sector lender has changed its rules related to OTP-based cash withdrawal from ATMs. SBI already announced the extension of time for OTP-based cash withdrawal from ATMs in September. SBI mentioned that the customers can now make ATM withdrawal of Rs 10,000 and above after an OTP verification throughout the day.
 
 
SBI has again tweeted regarding the rules recently for its customers. The bank has also asked customers to be alert, transact safely.
 
SBI in its tweet said, "Keeping the safety of our customers in mind, SBI has extended OTP-based authentication for cash withdrawals of ? 10,000 & above on SBI ATMs to 24x7. Be alert, transact safely!" 
 
 
The bank had allowed this facility to customers from 8 PM to 8 AM in January. The facility was introduced to minimize the number of unauthorized transactions, as per SBI. With the introduction of its OTP-based cash withdrawal facility, State Bank added another layer of security for cash withdrawals through its ATMs service.
 
 
This facility is simple and can be availed by anyone easily, the OTP would be received on the customer's mobile number registered with the bank. the same person can only transact if the transaction to be done on the SBI ATM only. It is because this functionality has not been developed in National Financial Switch (NFS), as per SBI. NFS is the largest interoperable ATM network in the country and it manages more than 95 percent of the domestic interbank ATM transactions.
 
 
A few rules have also kicked in from October 1 for the Bank's customers. Tax Collected at Source (TCS) on Liberalised remittances scheme has been made effective from October 1, 2020. TCS on Liberalised remittances scheme are levied over and above the remittance amount of Rs 7 lakh by a customer in a financial year and is effective from October 1.
 
 
The limit of Rs 7 lakh will be determined by adding all LRS remittances (including out of disbursement of education loan) during the Financial year. In case of remittances made for overseas tour program packages, TCS is applicable on all remittances even if the amount is less than 7 lakh.

 



Posted Date :  23-10-20

Categories : BANK NEWS

Tag Cloud: BANK NEWS

Similar news

Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited

New Delhi: The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On November 17 2020, to protect depositors' interest and in the interest of financial an
Posted Date :  25-11-20

Read more

RBI suggestion on converting large NBFCs into banks

NewDelhi: The Reserve Bank of India suggests converting the large Non-Banking Financial Company (NBFCs) into banks according to the fulfillment of certain criteria.   The central bank panel recommended that Well run large NBFCs, with an asset size of Rs 50,000 crore and above, i
Posted Date :  20-11-20

Read more

SBI upgrading Internet banking-regrets for the inconvenience

New Delhi: The State Bank of India's one more step towards giving the best services to its customers. India's largest public sector bank is set to upgrade its internet banking platform to provide for a better experience.    SBI says, "We request our esteemed custome
Posted Date :  19-11-20

Read more

PMC Bank revival mode as investors are showing interest

Maharashtra: After a massive loss faced by the Punjab and Maharashtra Cooperative Bank, there comes a ray of hope from some investors of the Business group. these groups have shown interest in the revival of the beleaguered PMC Bank.   It has been said that there are few enquiri
Posted Date :  18-11-20

Read more

RBI imposed a penalty on the Central Bank of India of Rs 50 lakh

New Delhi: RBI, Reserve Bank imposed a penalty of Rs 50 lakh on the Central bank of India for non-compliance with its directions on disbursal of some housing loans, on Tuesday said.    RBI mentioned in its statement, "Reserve Bank of India (RBI) has, by an order dated Novem
Posted Date :  17-11-20

Read more

Huge rise in BOI Q2 net profit jumps 97 percent

New Delhi: Bank of India a Public sector lender on Friday posts a net profit of Rs 526 crore in the September quarter of FY21, up 97% year on year (YoY), owing to a 22% rise in other income on a year-on-year basis to Rs 1,613 crore. Profit growth was supported by net interest income (NII), which
Posted Date :  07-11-20

Read more

Know which Banks will levy charges on deposit and withdrawing money

New Delhi: Some of the Private and Public undertaking banks including Bank of Baroda and Axis Bank will now charge from their customers on deposit and withdrawing money. As per reports, the Bank of Baroda will start charging its customers for transactions beyond the prescribed limits from Novembe
Posted Date :  02-11-20

Read more