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State Bank of India asks customers to follow these 6 tips while banking online

SBI Bank Alert! State Bank of India asks customers to follow these 6 tips while banking online SBI online banking: State Bank of India (SBI) has asked its customers to follow some important tips while banking online. The Bank sent a mail to its customers titled, 'A letter for your safety' lays out six important tips that customers must follow while banking online. SBI Loan

SBI online banking: State Bank of India (SBI) has asked its customers to follow some important tips while banking online. Jio Celebration pack


SBI online banking: If you are State Bank of India customer and using online banking service for transactions? Then there are important tips for you. India's largest lender, State Bank of India (SBI) has asked its customers to follow some important tips while banking online. The Bank sent a mail to its customers titled, 'A letter for your safety' lays out six important tips that customers must follow while banking online. Jagananna Deeavana


SBI Bank's 6 tips that you need to take while banking online:

• State Bank of India asked customers to avoid clicking on unofficial links that ask for OTP or bank details in regards to EMIs or DBT or Prime Minister Care fund or any other Care fund.
• Bank also requested its account holders to beware of bogus schemes that claim to offer cash prizes or job opportunities through SMSes, e-mails, phone calls, or advertisements.
• Keeping changing bank's password
• Customers to keep in mind that SBI or its representatives never send email/SMS or call their customers for personal information, password or OTP.
• Do not rely on any bank information available on internet search results. Always use only SBI's official website for contact numbers and other details.
• Report immediately to local police authorities about fraudsters and inform the same to your nearest SBI Branch.

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No minimum balance needed for SBI savings bank accounts

       The State Bank of India (SBI) announced on March 11, 2020, that it has waived off the requirement of holding the average monthly balance for savings accounts. "State Bank of India has decided to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts," the bank's press release stated.

       From now on all SBI customers will enjoy the zero balance facility in their savings bank accounts. This, according to the press release, will benefit 44.51 crore savings bank, account holders.

It added that the charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts. Lic Kanyadhan Yojana

       Currently, SBI savings bank account customers need to maintain an average monthly balance of Rs 3,000 in the metro, Rs 2,000 in Semi-urban and Rs 1,000 in rural areas. Further, the bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of average monthly balance as stated above.

  The bank has also waived off SMS charges levied on a quarterly basis. Free Disney+ Hotstar subscription

   The bank has also rationalized interest rates on savings accounts to a flat 3 percent per annum for all savings bank account holders. Previously, savings accounts with a balance of less than Rs 1 lakh earn 3.25 percent a year, while those with more than Rs 1 lakh earn 3 percent.

   SBI had reintroduced minimum balance charges in April 2017 after five years of waiving it. The penalty for not maintaining a minimum balance was the cause of much heartburn as fines were levied on those who did not have enough money in their accounts.

   With effect from March 10, 2020, the PSU bank has also revised the interest rate on fixed deposits and MCLR.  Bsnl latest offers

SBI reduces MCLR across all tenures by up to 15 bps

In a Holi gift for borrowers, the State Bank of India (SBI) has reduced the marginal cost-based lending rate (MCLR) by 10-15 basis points or 0.10-0.15 percent (100 basis points/bps = 1 percent) across tenors.

Effective from March 10, 2020, the one-year MCLR has been cut by 10 bps to 7.75 percent, down from 7.85 percent.  Jagan Anna vidhya Deevana

Similarly, three-month MCLR now stands at 7.50 percent, down 15 bps from 7.65 percent.

This is the second time that the bank has reduced the MCLR rates in one month. In February 2020, the bank reduced its MCLR across all tenures by 5 bps. "Stree swabhiman yojana"

However, borrowers must remember that the reduction of MCLR will impact their equated monthly installment (EMI) only when the reset date of their loans arrives.

Typically, in a home loan, a bank offers MCLR with a reset period of six months or one year. On the reset date, the future EMIs of the borrowers will be calculated on the basis of the prevailing interest rate (i.e., MCLR plus margin rate). Bsnl Free Work from home plan

Borrowers now have an option to switch their existing MCLR linked home loan to an external-benchmark linked home loan. This can be done by paying an administrative cost.

The external-benchmark linked interest rates are more transparent and offer better transmission of RBI policy decisions. Any change in the RBI policy decision will be effectively transmitted to the borrowers’ EMI at least once in the three months.

The PSU lender along with cutting its MCLR rates has also slashed fixed deposit interest rates for certain tenors by up to 50 bps. Work from home

SC asks RBI to ensure banks implement its 3-month EMI moratorium policy in letter and spirit

The Supreme Court on Thursday asked the Reserve Bank of India (RBI) to ensure a 3-month loan moratorium policy during the COVID-19 lockdown period is implemented by the banks in "letter and spirit." The matter was heard by a three-judge bench comprising of Justices NV Ramana, Sanjay Kishan Kaul, and BR Gavai today. 

The apex court also sought to know from Solicitor General Tushar Mehta whether or not the benefits implemented by the RBI for the lockdown period are being extended to borrowers. 

The top court was hearing a batch of petitions challenging the RBI's March 27 circular on the three-month moratorium permitted for loan repayments due to the economic impact of COVID-19 pandemic. The court, however, said it was not for them to interfere as the petitioner himself was not an aggrieved party.  Kanya sumangala yojana