A lot is going to change from the first date of the new year i.e. 1 January 2020. There are many changes that are related to your pocket. We are referring here to some changes in the rules on behalf of the State Bank of India (SBI). From today onwards SBI is going to change these three rules. For example, upgrades to EMV chip debit cards and a reduction in its external benchmark based rate (EBR), which provides cheaper home loans, in addition to OTP-based ATM transactions. You should know about all these changes.

SBI has launched One Time Password (OTP) based ATM withdrawal facility. From January 1, 2020, SBI customers can withdraw up to Rs 10,000 at ATMs between 8 am and 8 am. The OTP will arrive at the customer's registered mobile number. This will help customers avoid fraud withdrawal.

SBI's old ATM-debit cards will stop functioning from 1 January 2020. Customers will not be able to withdraw cash nor do other transactions. Customers will have to replace EMV chip and PIN based cards instead of magnetic striped debit cards. The bank will not charge anything for this.

The State Bank of India has today given its borrowers a cut in the external benchmark based rate (EBR) by 25 basis points, or 25%. After the deduction, the new rate has come down from 8.05 per cent to 7.80 per cent from 1 January 2020. This deduction will benefit the existing home loan customers as well as those borrowers in the MSME sector who have taken EBR linked loans. According to SBI, new customers taking home loans will get 7.90% as compared to the earlier 8.15% interest rate.