Four SBI Changes: Good or Bad news for State Bank of India customers? Check all details here
SBI Changes: State Bank of India has been introducing several changes to its services to improve customer experience. Here we take a look at four changes that the bank has undertaken, or already made effective recently. First, the SBI has started an ambitious digitalisation drive. The bank has started working on digitalisation of its services. India’s largest lender has been aggressively working towards making most of its services like cash withdrawal, transactions, doorstep banking, paperless services, savings account interest, loan payments etc digital. Rajneesh Kumar, Chairman, SBI, told media recently, that the largest lender is working towards creating a digital universe for all kinds of transactions. The bank’s latest ‘Yono’ app is the first step towards the goal of making all SBI banking services, digital in the next two years.
The complete digitalisation of services will make life easier for SBI customers as they will be saved from the hassles of visiting the bank personally.
State Bank of India also started with its doorstep banking services for senior citizens over 70 years of age and differently-abled customers. The eligible customers of SBI can avail the service at a fee of Rs 100 and Rs 60 per transaction for financial and non-financial transactions respectively.
The doorstep banking services are available to all KYC- compliant account holders with a registered mobile number with the bank and living within the 5-kilometre radius from their home branch.
State Bank of India on Friday, also introduced YONO Cash application in order to facilitate card-less cash withdrawal service. The application can be accessed through Android and iOS-powered mobile phones, and on the web through a browser, allowing for seamless omni-channel customer experience.
Through this new app, the customers can initiate the two-step cash withdrawal process and generate a six-digit OTP. The generated pin will have a 30-minute validity during which the customer can go to any of SBI’s ATM, authenticate the transaction using their pre-set YONO pin and then enter their six-digit OTP to withdraw cash.
YONO app now also facilitates cardless cash withdrawal at over 16,500 SBI ATMs across the country and is the first application of this kind.
Deposits, lending linked to Repo rate
Last week, SBI had linked the interest rates of savings accounts and short term loans to RBI’s repo rates. The move was the first by any of the commercial banks in the country.
From May 1, SBI savings bank deposits with balances above Rs 1 lakh will be linked to repo rate, which means there will be an immediate change, in case the RBI announces any change in the repo rate in its monetary policy. While in case of lending, all cash credit accounts and overdrafts with limits above Rs 1 lakh will also be linked to the repo rate as well.