SBI extends OTP-based ATM withdrawal throughout the day
To reinforce ATM security system, lending major State Bank of India (SBI) has extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day.
 
OTP-based cash withdrawal for Rs 10,000 can now be carried out throughout the day across all SBI ATMs in the country starting September 18.
 
"For withdrawing Rs 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time," the lender said in a statement.
 
The lending major had introduced OTP based cash withdrawals of above Rs 10,000 between 8 p.m. to 8 a.m. through SBI ATMs from January 1, 2020.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User 

    COMMENTS

    m.prabhu.shankar

    4 days ago

    Good Good. Make the transactions more secure.

    ICICI Bank Charges for Cash Repayment of EMI: Old Charges Disguised as New
    In a bid to promote digital transactions, ICICI Bank reportedly plans to impose a 'Cash Transaction Charge' on customers who go to a bank branch and deposit their EMI (equated monthly installment) in cash to repay loans. 
     
    The move has caused consternation for two reasons – first, it amounts to an additional charge above the contracted interest charges, and second, it is likely to hurt the financially less endowed borrowers more. 
     
    From 15th September, ICICI Bank plans to levy a charge of Rs 100 for payment of EMI by cash on various loan products and GST will be charged separately on this. These charges will apply to home loans, personal loans, car loans, consumer finance loans, education loans, commercial vehicle loans, two wheeler loans, construction equipment loans, medical equipment loans, office equipment loans, three wheeler loans, used car loans, government sponsored loans, farm equipment, farmer finance, loans to self help group, top up loans, pradhan mantri rojgar yojana and other products as identified by the bank.
     
    Interestingly, while media reports seem to indicate that cash handling charges on EMI are a new development, we found, on checking the bank portal, that ICICI Bank has already been charging this Rs100 as charges for cash payment of EMI. 
     
     
    Moneylife has reached out to ICICI Bank for a clarification but we have not heard from them yet. This story will be updated if and when we get a response. 
     
    Many customers are often not aware of the charges levied by banks on various services (cash deposit charges, cash handling charges, SMS alert charges, charges for lack of maintenance of average minimum account balance, annual debit card charges, card replacement charges, stop payment charges, cheque bouncing charges, standing instructions charges, documentation charges). 
     
    Cash handling charges are levied by many banks on cash deposits beyond a certain limit of transactions. In most cases, the first few transactions are free. Almost all banks insist on maintaining a minimum average monthly or quarterly balance in your savings account. In case you fall short of it, the bank levies a penal charge. 
     
    Usually the rules are more relaxed for transactions made at your home branch. Bankers say that cash handling charges form a significant part of charges levied by the bank. While transacting from your home branch allows you higher limits, you still have to pay charges of Rs50-150 per transaction, if you exceed that limit. 
     
    If you want to avoid shelling out unnecessary fees and charges, keep track of your accounts and cards, and use chargeable bank services only if you really need them. Keep track of all the transactions and check them carefully for all charges being levied. 
  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    m.prabhu.shankar

    2 weeks ago

    Not good for customers with very small loans, shopkeepers etc...

    s5rwav

    2 weeks ago

    Did Mr #ShaktikantaDas the #RBIGovernor Approve the Proposal of the #BoardOfDirectors of ICICI Bank Limited? I am Babubhai Vaghela from Ahmedabad. Thanks.

    SC to Centre: Consider Not Charging Interest on Interest during Moratorium
    The Supreme Court on Thursday asked the Centre to consider a plea for not charging interest on interest on deferred EMIs during the moratorium period and also not downgrade the credit/asset classification of the borrowers.
     
    A bench headed by Justice Ashok Bhushan, R Subhash Reddy and MR Shah asked the Centre, Reserve Bank of India (RBI) and the banks to put their heads together within two weeks to decide on crucial issues—sector-specific loan restructuring, charging of interest on interest, etc—and then come up with a concrete decision.
     
    Solicitor general Tushar Mehta, appearing for the Centre, submitted that an expert committee at the highest level has been set up to take decisions on the issue of moratorium extension, interest on interest during moratorium and other connected issues.
     
    The top court said it is inclined to grant two weeks to the Centre to file an appropriate affidavit and it will consider different prayers made by petitioners on the next date.
     
    The top court observed that its interim orders shall continue till the next date of hearing, where it had said that accounts not declared non-performing assets (NPAs) on 31st August, shouldn't be declared NPAs till further orders.
     
    The top court will take up the matter on September 28. The top court also directed the Centre, RBI and banks to place their decisions on the matter before it.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone