Banking Transaction related announcement from New Year 2020

There will be no charge from January 1, 2020 on National Electronic Funds Transfer (NEFT) used for online fund transfer. The Reserve Bank of India (RBI) has given this exemption for account holders with savings bank accounts. No account is to be paid to the savings account holders banking with the mobile banking app. Up to 2 lakh rupees can be transferred from NEFT. You do not have to pay any fee for this, you only need internet. This facility is available 24 hours a day, seven days a week.

OTP has to be given to withdraw money from SBI ATM

State Bank of India (SBI) is going to change the way it withdraws cash from its ATMs from 1 January. The bank is going to introduce a one-time password (OTP) based cash withdrawal system to prevent fraudulent ATM transactions. Under this, to withdraw cash from the ATM from 8 am to 8 am, you have to tell the OTP on the mobile number registered with the bank. This rule will be applicable to cash transactions of more than 10 thousand rupees.

MDR fee will not be levied on payment from RuPay Card and UPI

For the purpose of promoting digital payments, merchant discount rate (MDR) will not be levied on payment from RuPay Debit Card and UPI from 1 January 2020. MDR is the fee that the shopkeeper charges from you by making a payment by debit or credit card. Currently MDR fee is charged between 0 to 2 percent.

Old cards with magnetic stripe will be discontinued

The old card with a magnetic strip will stop working from 1 January. Actually, all the magnetic striped credit cards and debit cards are going to be closed from the new year. Your bank data is at risk of being stolen from a card with a magnetic strip. They will be replaced with a card with a chip. In 2016, the RBI ordered banks to replace ordinary magnetic stripe cards of customers with chip cards. This step has been taken to secure customers' debit and credit card details.

SBI Bank will give home loan at less than 8 percent

State Bank of India (SBI) on Monday cut the external benchmark based rate (EBR) rates on home loans by 25 basis points i.e. 0.25% to 7.80%. With this, home loan rates were also reduced to 7.90%. Earlier SBI had the lowest home loan rate of 8.15%. These new rates will be applicable from January 1, 2020 and after that taking home loan will attract interest of 7.90%. SBI issued a statement saying that this deduction will not only be available to the customers taking home loans but also to the borrowers of MSME (Medium & Small Enterprises) who have taken EBR linked loans.
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