BIG NEWS ABOUT ATM CARDS HOLDERS

BIG NEWS ABOUT ATM CARDS HOLDERS

After cutting interest rates in the savings account, the Indian State Bank of India is now going to take a big decision regarding the ATM card. According to information, the bank has decided to replace Magistrive (debit) debit cards into EVM Chip debit cards. According to the bank, people who have not changed their ATM card by September 30 will be blocked.

• What's the reason?

According to the statement from the bank, customers will have to come to the bank to change their debit card or apply through onlite banking. Last year, the Reserve Bank had asked banks to shift EVM chip and cards to a pin-based model instead of Magnetic Strip-based ATM, so that the security of cards could be ensured. Also, customers can also be saved from fraud on the other hand. 

• What is EVM Chip Card:

This is a new technique. There will be a small chip on a debit or credit card, which will have complete information about your account. This information will be encrypted so that no one can steal the details..



State Bank of India (SBI) has revised charges on ATM withdrawal, cash transactions, issuance of cheque book and online transfer of funds through Immediate Payment Service or IMPS with effect from June 1. India's biggest bank SBI has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs. .25 for every ATM withdrawal. SBI's app - State Bank Buddy - enables its customers to withdraw cash from ATMs using the bank's mobile wallet. However, savings bank accounts will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metros and 10 free transactions in non-metros (five at SBI ATMs and three at ATMs of other banks), SBI added..

The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. SBI's basic savings account is a limited-services bank account aimed at poorer sections of society to encourage them to s.tart saving without any burden of charges or fees, according to the bank's website. This type of bank account comes with an ATM-cum-debit free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account..

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