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Sunday, September 27, 2020

SBI Credit-Debit Cardholders Special Read, this service will be discontinued after September 30, find out what has changed

 

SBI Credit-Debit

SBI Credit-Debit Cardholders Special Read, this service will be discontinued after September 30, find out what has changed

State Bank of India (SBI), the country's largest bank, has sent a special message to its customers. It informed customers that some services available on credit and debit cards would be discontinued from September 30, 2020. The SBI said the decision was taken on the basis of new rules issued by the Reserve Bank of India, which will come into force two days later.

 These swans are related to international transactions. SBI has said that if you want to continue shopping facility in international markets on your card, write the last 4 digits of your card number after INTL and send an SMS to 5676791. Let us tell you what changes the RBI has made in the rules for cardholders.

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The rule was to take effect in January 2020

The Reserve Bank has been changing a number of rules relating to debit and credit cards since September 30, 2020. If you are using a debit and credit card, you need to know this. The RBI has given card issuers till September 30 to implement the rule in view of the extraordinary situation caused by the Kovid 19 epidemic.

 Earlier, the rule was supposed to come into force in January 2020, but it was postponed till March. It was later avoided due to Covid 19 and is now being implemented on September 30.

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The customer will have to register himself and give priority to the transaction

According to RBI's new rules, customers will have to register separately for international, online and contactless card transactions, which means they will only get the service if they need it. To put it simply, consumers have to apply for it now. 

The RBI told banks that customers should be allowed domestic transactions when issuing debit and credit cards. It is clear that foreign transactions will not be allowed for ATM withdrawals and shopping at POS terminals if not required.

Now the customer can change his transaction limit at any time

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For current cards the issuer can make a decision based on their own risk perception. In other words, now you have to decide whether you want to do a domestic transaction with your card or an international transaction.

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 Now the customer will decide which service he should activate and which he should deactivate. The customer can change his transaction limit 24 hours a day, 7 days a week. In other words you can now set your ATM card anytime by going to the mobile app, internet banking, ATM machine, IVR.

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