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SBI changes cash deposit rules for savings bank accounts

Livemint logoLivemint 16-09-2018 Livemint
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In good news for State Bank of India or SBI savings account holders, India’s biggest bank has removed the limit on the amount that can be deposited in a non-home branch. This was announced by SBI on Twitter. “Good news SBI customers! Now, the upper cap for depositing cash at a non-home branch has been updated,” the bank said. A home branch is the branch where a customer has a bank account. All other branches of the bank are non-home branches for the customer.

According to SBI’s tweet, in personal savings bank account, there will be no restrictions on the amount that can be deposited at a non-home branch. Earlier, this limit was Rs 25,000, according to SBI’s website. SBI levies Rs 50 (plus GST) per transaction on cash deposits at non-home branches, says its website.

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For SME segment accounts, the cap on cash deposits at non-home branch remains at Rs 2 lakh per day, SBI said in the tweet.

In another development, SBI has been urging its customers, who hold magstripe debit cards, to switch to chip-based debit cards. “Do not take a chance; get enhanced security for your debit card by applying for the SBI EMV Chip Debit Card without any fee at your branch or through OnlineSBI,” said SBI in another tweet.

According to RBI guidelines, those holding magstripe debit cards are required to change your EMV chip debit cards by the end of this year.

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(Video provided by Business Today)

It is easy to identify if your debit card is a magstripe card. If your debit card has no chip located on the face (centre-left position) of the debit card, then it is a magstripe card, according to SBI. EMV chip debit cards, on the other hand, have a chip located on the face (centre-left position) of the card.

EMV chip card technology helps protect against card fraud (skimming). It is the latest global standard for debit card payments, featuring debit cards with embedded microprocessor chip that stores and protects cardholder data.

Earlier this month, SBI increased its benchmark lending rates or MCLR by 0.2%.

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