The largest public sector bank in India, State Bank of India (SBI), has recently revised many of its norms. Due to these regulations, you will now need to follow a new procedure in order to deposit funds into the account; otherwise, you won’t be able to do so at any SBI branch. learn whatever laws SBI has altered.
You’ll need a green card to deposit money.
You must have a green card in order to deposit money into your bank account, regardless of whether you or a member of your family has an account there.
The SBI Green Card is essentially a card, much like a debit or credit card, that has all of your bank account’s details on it. For a charge of just Rs 20, you can obtain it from any SBI branch. After that, bring it with you anytime you go to deposit money at the bank. Go there and give the employee the cash and SBI Green Cards. He will insert the SBI Green Card into the device and deposit your funds; as a result, a receipt will also be issued from the device following the deposit of funds, which you can carry with you as proof.
You won’t need an SBI Green Card to make ATM deposits.
If you wish to deposit money but do not have an SBI Green Card, you must go to the nearest ATM, where you can only deposit money through an ATM machine. There won’t be any deposits made in the bank branch.
OTP necessary for ATM cash withdrawals
You will now need an OTP in accordance with State Bank of India’s new regulations if you want to withdraw more than 10,000 rupees from a bank ATM. This new policy was implemented by the bank to stop client fraud. A four-digit OTP will be sent to your phone each time you use an ATM, in accordance with this guideline. Only after entering this OTP on the ATM screen will you be allowed to make a withdrawal. Your money will be stuck if you don’t provide the OTP.
