State Bank of India (SBI), the country’s largest lender, offers some of the exciting offers to its customers. Recently, following the Reserve Bank of India’s decision, the bank introduced 24X7 National Electronic Funds Transfer (NEFT) for the transfer of money. Bank account holders can use this method of payment via mobile banking, net banking and by visiting a branch as well. With the new year knocking at our doors, SBI is going to make a few important changes and introduce some new policies aimed to benefit the people. Here is the list of items you as an SBI bank customer ought to know.

• ATM-cum-debit cards (magstripe) to be deactivated from January 01

The bank’s magstripe debit cards are going to be replaced by the more secure EMV Chip and PIN based SBI Debit card. From January 01, 2020, SBI customers having magstripe card in their possession will not be able to use it in the new year, even if the validity of the card has not expired.

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The bank had made the announcement on Twitter last month.

Upgrade your Card by applying online or visit your home branch. The replacement of the card is completely free. As a customer of the bank, you can apply for the card at the branch and request a refund at the branch along with proof if the charges are levied. You may also apply through Internet Banking.

Applying Online for the Card:

1. Log into your SBI account.
2. Click on ‘ATM Card Service’ option under the ‘eSerivce’ tab.
3. Click on the ‘Request ATM/Debit Card’ option.
4. A new window will open. Select the savings account for which you are looking forward to receive the new ATM card. From the drop-down menu, select the type of ATM card you are seeking to apply.
5. Click on submit and you’ve applied for the new ATM card.

If you have not applied yet, you can do it anytime today.

• OTP-based cash withdrawal system for over Rs 10,000 from January 01

The country’s largest lender on December 26 introduced a one-time password (OTP)-based cash withdrawal system at all its ATMs. The facility will be applicable to transactions over Rs 10,000 (between 8 am-8 pm).

The facility will come into effect from January 01. Users will get an OTP on the registered mobile number when you withdraw cash above Rs 10,000.

The facility is only available on SBI ATMs for SBI customers.

• SBI cuts EBR, home loans to get cheaper from January 01

SBI has reduced the external benchmark-based rate (EBR) by 25 basis points to 7.80 per cent from 8.05 per cent. The revision would come into effect from January 01. The SBI’s EBR is finalised at 265 bps plus 5.15 per cent repo rate of the Reserve Bank of India (RBI). The bank also charges 10-75 bps premium for pricing the effective interest on the home loans.

In October, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) had cut the benchmark lending rate (repo rate) by 25bps to 5.15 per cent. But the RBI kept the interest rates unchanged in this month’s review.

The move has been hailed across the real estate sector as it will bring down the EMI (equated monthly installment) on existing home loans. SBI announced that the new homebuyers will receive an interest rate starting from 7.90 per cent per annum, as compared to 8.15 per cent earlier. The decision will be applicable to MSME (micro, small, and medium enterprises) as it would reduce their EMI on the existing loans.

• 24X7 National Electronics Funds Transfer (NEFT)

SBI offers National Electronics Funds Transfer (NEFT) services for all customers via internet banking. NEFT can be used to transfer funds from one bank account to another anytime in a day. It is a speedy, hassle-free and convenient method to transfer funds across the country.

The service is completely free and there is no minimum limit for NEFT. However, there is a maximum limit of Rs. 10 lakh.

If any error occurs during the NEFT transaction and the money is not credited, it will be refunded.

• Get up to 10% cashback on train and air ticket bookings and others

SBI and IRCTC (Indian Railway Catering and Tourism Corporation) have joined hands to offer their customers the all-new IRCTC SBI card Premier. Under the plan, you will get 1,500 bonus reward points or Rs 1,500 on payment of first annual fee. A movie voucher worth Rs 500 from Book My Show at an expense of Rs 2,000 is also given to the customers, which is required to be used within the first 60 days. The bonus reward points will be credited to the IRCTC SBI Platinum card account within 45 days of the eligible transaction.

Cashback benefits: SBI card premier holders will get 10 per cent cashback on AC1, AC2, AC3, ACC CC as reward points on train ticket purchase from IRCIC’s website.  You can also avail 5 per cent cashback on air tickets and meal purchase on bookings made via air.irctc.co.in or ecatering.irctc.co.in.