State Bank of India (SBI) has recently released some important updates for its customers. These updates are related to the bank’s services, policies and security measures. SBI is the largest government bank in the country and has crores of customers. Therefore, these changes will affect many people.
These new updates include changes in home loan interest rates, ways to avoid fake SMS, new charges on SMS alert service, improvements in digital services and a new green deposit scheme. All these changes have been made to increase the security of customers and provide them a better banking experience. Let us understand all these updates in detail.
Glimpse of 5 important updates of SBI
| Update | Description |
| Increase in home loan interest rates | MCLR rates increased by 0.05% |
| Caution from fake SMS | Advice to customers to avoid fraud |
| Charges on SMS alerts | Charge of Rs 0.25 per SMS |
| improvement in digital services | New features in YONO app and internet banking |
| Green Deposit Scheme | New scheme for environment friendly projects |
| Changes in credit card rules | Reward points and fee changes |
| Fee on utility payment | 1% fee on payments above Rs 50,000 |
Increase in home loan and interest rates
SBI has changed its Marginal Cost of Funds Based Lending Rate (MCLR) with effect from November 15, 2024. MCLR is the rate at which the bank gives loan to its customers. This time MCLR has been increased by 0.05% i.e. 5 basis points. This increase will be applicable for a period of three months, six months and one year.
The new MCLR rates are as follows:
- For 3 months: 8.55% (earlier 8.50%)
- For 6 months: 8.90% (earlier 8.85%)
- For 1 year: 9.00% (earlier 8.95%)
This change will have a direct impact on those people who want to take a new loan or whose existing loan is linked to MCLR rate. For example, if your home loan of Rs 30 lakh is for 20 years, your monthly EMI may increase by around Rs 100-150.
This increase has been made as per the monetary policy of RBI. Its objective is to control inflation and keep the economy stable. However, the loan will become slightly costlier for customers.
Warning to beware of fake SMS
SBI has advised all its customers to be cautious of fake SMS and online fraud. In the recent past, many customers have received fake SMS in the name of updating KYC or redeeming reward points. These messages often contain links that take customers to fake websites and steal their personal information.
SBI has clarified that it sends messages only from official numbers. The bank has also given some security tips to the customers:
- SBI messages always start with SBI or SB.
- The URL of the official website of the bank always ends with “.sbi”.
- Never share your ATM PIN, OTP or password with anyone.
- Report any suspicious activity immediately to 1930 or file a complaint on cybercrime.gov.in.
The bank has asked customers to be cautious and not share their personal or banking information with anyone. If there is any doubt, contact the bank’s helpline immediately.
Charges on SMS Alert Service
SBI has implemented a new charge for its SMS alert service. Now the bank will charge a small fee on SMS alerts for every transaction. This step has been taken to reduce the cost of the bank and prevent unnecessary SMS.
Details of the new charges are as follows:
- General accounts: Rs 0.25 per SMS
- Premium accounts: Free up to 100 SMS per month, Rs 0.25 per SMS thereafter
This fee will be deducted directly from the customer’s account. However, some special categories of accounts like senior citizens, students and Jan Dhan accounts are exempted from this fee.
The bank has suggested customers to keep SMS alerts on only for essential transactions. This will avoid additional charges. Customers can change their SMS alert settings through their nearest SBI branch or internet banking.
improvement in digital services
SBI has launched many new features to further improve its digital services. Improvements have been made in the YONO app and internet banking platform, so that customers can get more facilities while sitting at home.
New features include:
- Video KYC: Now no need to go to the bank to open or update an account. Customers can get their KYC done through video call.
- UPI Payment Options: New features have been added for more secure and faster payments. Now UPI payment can also be done by scanning QR code.
- Digital Loan Application: Online application facility has been provided to make the loan process easier and faster. Customers can now apply for loan while sitting at home.
- 24×7 Chatbot Support: AI based chatbot service has been launched to solve customer problems. It will be available day and night.
- Biometric Login: Now customers can also login to YONO app through fingerprint or face recognition.
These improvements will save customers time and money. Also, banking services will become more secure and easier.
Launch of Green Deposit Scheme
SBI has launched a new green deposit scheme to promote environmental protection. The amount deposited in this scheme will be used in environment-friendly projects. The scheme is attractive for customers who want to make a positive impact on the environment through their investments.
Key Features of Green Deposit Scheme:
- Minimum deposit amount: Rs 10,000
- Tenure: 1 year to 10 years
- Interest rate: 0.25% more than normal FD
- Environment Certificate: To be given to every depositor
- Premature withdrawal: Allowed, but will earn less interest
The amount deposited under this scheme will be used in projects like solar energy, wind energy, water conservation and afforestation. The bank will issue a report every year detailing how this money was used.
Disclaimer
This article is for informational purposes only. Although we have attempted to provide accurate information, banking rules and policies may change from time to time. Please get the latest information by visiting the official website of SBI or contacting the nearest branch before taking any financial decision. The author or publisher will not be responsible for any action taken based on the information given in this article. Always remember to take decisions as per your personal financial situation.