SBI Removes Limit over Non-Home Deposits for SB Account Holders | CORPORATE ETHOS

SBI Removes Limit over Non-Home Deposits for SB Account Holders

By: | September 14, 2018

Sep 14: State Bank of India (SBI) has announced that it has eased restrictions over deposit from non-home branch for its savings bank account holders. From now on, there won’t be a limit on the amount that can be deposited in a non-home branch, said the country’s largest lender.

The announcement was made by SBI through its official Twitter handle. Until now, SBI has limited the deposit in non-home branches to Rs 25,000. For the unaware, a home branch is where the savings account holder has his bank account, while all other branches of the bank will be non-home branch for the customer.

Account holders will still be levied the charge of Rs 50 (plus GST) for every cash deposit they make at non-home branches. The withdrawal of limit is only applicable for savings account holders, while for the SME segment accounts, the limit of Rs 2 lakh per day will continue to exist on non-home branch deposits. The limit would also apply on agriculture segment accounts.

SBI has also been urging the account holders to replace their magstripe cards with the new EVM-chip embedded ones. The bank has been following the directions of the Reserve Bank of India, which had directed banks to replace mag-stripes with EVM cards for enhanced security.

SBI has asked all its customers to replace their cards before the end of this year, following which all the mag-stripe cards will be automatically blocked. The EVM Chip technology makes use of embedded microprocessor chip that store and protect card holder data.

The global standard for debit card payments helps protect against card fraud. The technology offers far more security in comparison with the magstripe variants of card.