If you are a State Bank of India customer and use their net banking or mobile banking facility then your access might be deactivated on December 1 in case you have not yet registered your mobile number with your bank account and fail to do so by the end of November 2018. Your net banking/ mobile banking access will be blocked by SBI from December 1, 2018.
According to SBI, your net banking access will be blocked if your mobile number is not registered with the account by November 30. SBI’s official website states, “As per RBI advisory, it is mandatory to register your mobile number to avail internet banking services. Please register your mobile number by 30.11.2018, failing which your internet banking access will be deactivated/blocked w.e.f from 01.12.2018.”
It may be noted that the Reserve Bank of India asked all banks to make sure that there is a system in place for registration of customers for mobile banking facility. Banks were also directed to provide easy registration for mobile banking services to the customers. The apex bank stated, “system put in place by banks for registration of customers for mobile banking for new as well as existing account holders (where mobile number is either registered with the bank or is not available), is varied across banks.”
It may be noted that if you are an SBI account holder and still have a Magstripe debit card, you are required to change your card to chip-based EMV cards by the end this year. SBI is replacing these cards free of charge. The old Magstripe cards will be functional post-2018.
Worth mentioning here is that SBI recently reduced the daily cash withdrawal limit for account holders. The daily cash withdrawal limit for Classic and Maestro debit cards has been reduced to Rs 20,000 per day, from Rs 40,000 earlier. People who have higher daily cash withdrawal requirements can apply for other debit card variants that have a higher daily withdrawal limit