For the benefit of its customers as well as to keep pace with the changing times, the State Bank of India (SBI) – India’s largest bank – has taken many initiatives during the last few months, like launching India’s first comprehensive digital service platform YONO and reducing its NEFT, RTGS charges significantly. It has also taken many other steps to keep its systems up-to-date as well as to comply with regulatory changes. Therefore, if you are an SBI customer, it is in your own interest to keep yourself abreast with all these things. Here we are taking a look at some of them:
1. Launch of YONO
SBI has recently launched India’s first lifestyle and banking digital platform YONO (You Only Need One). This is an integrated lifestyle and banking digital platform from SBI, and was launched by Union Minister for Finance and Corporate Affairs Arun Jaitley on 24th November 2017 in Delhi. Besides providing an array of banking and financial services, YONO also allows customers to meet their lifestyle needs across 14 categories, including booking & renting cabs, entertainment, dining experience, travel & stay, medical needs and so on. The bank has partnered with over 60 e-commerce players to provide customized offers and discounts to customers. Some of the key e-commerce partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.
2. Reduction in NEFT, RTGS charges
In view of growing consumer complaints against increasing banking charges as well as guided by the government’s thrust on giving digital transactions a push, SBI some time back reduced charges for NEFT and RTGS transactions by up to 75%. The reduced charges are applicable on the transactions done through the internet banking (INB) and mobile banking (MB) services offered by the bank. Additionally, the bank also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS).
3. Reduction in IMPS charges
The bank has also recently slashed Immediate Payment Service (IMPS) charges by up to 80 pct, which came as a huge relief for its customers. If the users are doing an online transaction of money after selecting the IMPS option, then they will have to pay up to 80 per cent less charge than what they used to pay earlier. After the revision, no IMPS service charge is imposed on online transactions under Rs 1000. For transactions between Rs 1000 and Rs 10,000, the users have to pay Re 1, while for an amount between Rs 10,001 and Rs 1,00,000, the users are charged Rs 2. For the transactions between Rs 1,00,0001 and Rs 2,00,000, the IMPS service charge is Rs 3. All these rates are effective from 15th October, 2017.
4. Names, IFS codes of around 1,300 branches changed
Post the merger of its five associates, SBI has changed names and IFS codes of 1295 of its branches. The bank has also published on its website the full list of all those branches whose names and codes have been changed. These include the branches located in Mumbai, Delhi, Bangalore, Chandigarh, Ahmedabad, Jaipur, Kolkata, Chennai, Hyderabad, Patna and Bhopal, among others. This means that you need to be careful and check the changed names and branch codes while doing any transaction with any of the 1295 branches whose names and codes have been changed.
5. Link Aadhaar number to your SBI account by December 31
If you haven’t linked your Aadhaar number to your bank account yet, then you must do it now or latest by December-end, else your bank account may be suspended. SBI has recently tweeted that “Avail benefits of the digital life. Simply link your Aadhaar number with your bank account.” It further said, “In terms of amended PML rules dated 1st June 2017, all existing customers are requested to submit Aadhaar number by 31st December 2017, failing which the account shall cease to be operational till the time Aadhaar number is submitted.”