Banks in India

adsatinder

explorer
SBI Alert! Banks warns customers of malware fraud, do this to save your money

timesnownews.com

Dec 13, 2019 9:03 AM

Informing customers about the fraud, SBI tweeted, "Think twice before you plug in your phone at charging stations. Malware could find a way in and infect your phone giving hackers a way to steal your password

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Representative Image

New Delhi: The State Bank of India (SBI) has warned its customers about Malwarebytes present at mobile charging stations at various public places. The lender informed its account holders in a tweet that Malware could find a way into and infect your smartphone, giving online fraudsters a chance to steal your passwords and data, which includes your highly confidential bank details.

According to the cybercrime experts, hackers do this through a mix of malware, phishing and algorithms that enable them to steal the confidential data of the mobile owner. This is done through a data card called 'Auto Data Transfer Device' which is easily available on the Alibaba website for $300 to $400.

Informing SBI customers about the online fraud happening at mobile charging stations SBI tweeted, "Think twice before you plug in your phone at charging stations. Malware could find a way in and infect your phone, giving hackers a way to steal your passwords and export your data."

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State Bank of India

@TheOfficialSBI

Think twice before you plug in your phone at charging stations. Malware could find a way in and infect your phone, giving hackers a way to steal your passwords and export your data.#SBI #Malware #CyberAttack #CustomerAwareness #Cybercrime #SafeBanking #JuiceJacking

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As per cybercrime experts, online fraudsters use a plug-in card called 'Auto Data Transfer Device' behind the mobile charging port. This can easily notice when one would plug-in one's mobile phone. If there is a skimming card, you will get a pop-up after connecting your mobile to the charger. Generally, people click on the yes button without reading the message. This allows fraudsters to steal your passwords and other data from your mobile phone.

When you plug-in your mobile with the charging cable at home or office, you don't get any pop-up, if there is a pop-up, it means there is some problem. So, avoid charging your mobile phones from such public mobile charging stations. Since the device used to steal the data looks like a pen drive, customs staff finds it difficult to classify this as a tool used for online financial frauds.

Note that in order to avoid this mix of malware, phishing and algorithm attack at mobile charging stations, one needs to either avoid charging one's mobile from the multi-cable and try using the socket directly. Make sure to download anti-malware software on the phone that would negate any chances of malware bytes at any place.







 

Big Daddy

Super User
For someone who lives outside India why should setting up location matter. That is my question. Obviously, I can pick a rural location for low minimum balance but what impact it will have on using the ATM card? Will I pay fees if I use the card in Metro city? Do checks take extra time for processing.

The reason I ask this question is that location has no meaning in the USA. If I open an account in Bank of America (BOA), I can go to any BOA ATM and withdraw money and my BOA checks can be deposited and cashed at any BOA across the nation.

India is weird. When you send a demand draft then it will ask you do select a payee bank location. What is this step?
 

adsatinder

explorer
For someone who lives outside India why should setting up location matter. That is my question. Obviously, I can pick a rural location for low minimum balance but what impact it will have on using the ATM card? Will I pay fees if I use the card in Metro city? Do checks take extra time for processing.
You have to select Metro and I can guess that you have to do KYC even then.
Dont know how they will do KYC of a NRI ?

ICICI Bank have branch in Newyork or may be fee other large cities of US only.
HDFC may not have any.

The reason I ask this question is that location has no meaning in the USA. If I open an account in Bank of America (BOA), I can go to any BOA ATM and withdraw money and my BOA checks can be deposited and cashed at any BOA across the nation.

ATM Card can be used for 4 or 5 withdrawls in same bank and can be charge more if you withdraw more in same month.
Ra. 20 per withdrawl / per transaction.
If you withdraw from anyother bank's ATM then also charge will be 20 per transaction.
You can withdraw from anywhere that doesn't matter.
Home branch is the place where you have to do all paperwork.
Deposit cheque etc.
If you deposit cheques in anyother branch then you have to pay extra charges for non branch useage.
However there are accounts where you can do anything anywhere, no questions asked but you have to maintain a minimum balance of 25k /50k or more depending on the bank.


India is weird. When you send a demand draft then it will ask you do select a payee bank location. What is this step?
DD is to be paid at particular branch because of ongoing fraud offline and online so that criminals can't take anyone's cheque and open similar name account and you will be duped.
Such fraudesters are still working...
LOL !

However we prefer to mention on cheques also account number of person for safety reasons only.
This makes it much safer in case it is sent by mail or courtier.
Courrier fraud was most common some years ago in commercial sector.
 
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Big Daddy

Super User
KYC for NRI is his foreign passport, OCI card, proof of address and many other things (former Indian passport, PIO, etc.). Basically a headache.
 

adsatinder

explorer
SBI savings account minimum balance, types and other details

livemint.com

Dec 13, 2019 10:40 AM

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State Bank of India provides the option of opening different types of account. (Reuters)

Country's largest lender, State Bank of India (SBI), provides the option of opening different types of savings account. Apart from the regular savings account, the bank offers fixed deposit (FD), recurring deposit (RD), salary account and SBI Savings Plus Account. Depending upon the need, the customer can choose to opt for the same.

Let's take a look at the types of SBI savings account

Basic Savings Bank Account: This account can be opened by any individual provided he/she has valid KYC documents. These accounts are primarily aimed towards enhancing financial inclusion among the economically weaker sections of the society. There is no need to maintain a minimum balance in the account. SBI Basic Savings Bank Account permits maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs. Thereafter, cash transaction is permitted with a levy of service charges ₹15/ + GST for every additional cash transaction.

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State Bank of India

@TheOfficialSBI

Your first job builds your secure financial future. #SBISavingsAccount builds your family's secure financial future. To know more, visit: Saving Account - Personal Banking …#BeFutureReady

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Small Account: This account can be opened by any individual above the age of 18 years, who does not have valid KYC documents. There are many restrictions in operation of the account due to the relaxed KYC. The account can be converted to regular savings account upon submission of KYC documents. This account permits a maximum of 4 withdrawals in a month, including ATM withdrawals at own and other bank's ATMs.

Insta Savings Account: Only resident Indians over 18 years of age, without any tax liability outside India is eligible for opening Insta Savings Account. Customers will be required to maintain a minimum balance as defined for normal savings bank account.

Digital Savings Account: Only resident Indians, over 18 years of age, without any tax liability outside India is eligible for opening SBI Digital Savings Account. Customer will be required to maintain minimum balance as defined for a normal Savings Bank Account.

Special Salary Accounts: Salary Accounts under Corporate Salary Package (CSP) offer a range of privileges to the employees of corporate institutions, including service organisations such as hospitals, hotels, transport corporations etc. The bank offers four package variant—Platinum, Diamond, Gold and Silver, depending upon the net monthly salary of the individual.

Savings Plus Account: In this account, the fund above a threshold limit from the savings account is transferred automatically to a FD or term deposit opened in multiples of ₹1,000. The minimum threshold limit for transfer to multi option deposit (MOD) is ₹35,000. The rate of interest offered by Savings Plus Account is the same as offered in SBI Savings Account. A person with a savings bank account in a metro and urban area is required to maintain a monthly average balance of ₹3,000. Customers with accounts in semi-urban and rural branches are required to maintain a balance of ₹2,000 and ₹1,000, respectively. If a minimum balance is not maintained in the account, the customer is liable to pay charges on non-maintenance of AMB as applicable.

SBI revised the interest rate on savings account effective 1st November. After the revision, balances of less than ₹1 lakh in savings deposits with SBI is fetching 3.25%. SBI has however kept the interest rate on savings account with balances above ₹1 lakh unchanged at 3% per annum. SBI has a deposit base of over ₹30 lakh crore.


 

adsatinder

explorer
BE Careful: This Bank's ATM Cards Will STOP Working After Dec 31

newscrab.com

Dec 18, 2019 11:30 AM



If you are a customer of State Bank of India (SBI) and use Megstrip ATM card, then you have till 31 December to change it. As of December 31, you can replace it for free with an EMV (Europe, MasterCard and Visa) chip and PIN-based card. If you do not do this then after 31 December these cards will not work. To change this, you have to contact SBI's home branch.

The SBI had informed that to change its magnetic strip card for a more secure EMV card, apply by December 31 at your home branch. Significantly, the Reserve Bank of India (RBI) last year directed banks to issue EMV chip and PIN-based cards in place of their customers' Megstrip cards. These instructions were given increasing counterfeiting and fraud cases with Megstrip card customers.



You have to go to the SBI branch where you have an account to change your Magstripe card. You can apply for a new EMV or PIN-based card by completing the procedures set there. If you do not want to go to the home branch and apply for it online, then you can do this by logging on to the official website of the bank and going to the ATM card service in the E-Services tab.



The Megstrip card has a magnetic strip on the backside. It stores customer information. If there is no chip in the front of your ATM card, then it is a Megstrip card and you have to replace it.





 

adsatinder

explorer
NOTICE: PAN-Aadhaar Linking Soon To End, Here's All You Need To Know

livemint.com

Dec 21, 2019 8:38 AM

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Your PAN card will be of no use unless it is linked to Aadhaar card. (Mint)

NEW DELHI : All PAN cards which are not linked to Aadhaar cards will become inoperative or invalid from January as the income tax department has made it mandatory to link the two identity documents with each other. The linking deadline has been extended till December 31. After the last date i.e. January 1, all such Permanent Account Numbers (PAN) not linked to any Aadhaar cards will be of no use.

Without completing the linkage process you will not only be barred from filing income tax returns (ITR) but will also unable to use your PAN card anywhere else. It is better to complete the linking as soon as possible online through the income tax department's e-filing portal by giving your PAN, Aadhaar numbers and completing the authentication process using an OTP sent to your mobile phone.

In case you are not sure whether you have linked your PAN with Aadhaar or want to make sure that the process is complete, then you can check the status online. Here is how.

1) Go to the income tax department's e-filing portal and click on “Link Aadhaar" under the "Quick Links" section on the left hand side.

2) On top of the new page, click on "Click here" option blinking in red and blue.

3) On the next page, you will be asked to enter Aadhaar number and PAN number.

4) Enter Aadhaar number and PAN and the portal will throw up the linking status. You can also use the facility to check whether the PAN-Aadhaar linking process is complete or not.



 

adsatinder

explorer
PAN-Aadhaar linking deadline: Less than 10 days left to link, a 5-step guide on how to check status

timesnownews.com

Dec 21, 2019 2:37 PM

If you have linked both the documents but not sure about the linking, then given below is the process to check the PAN-Aadhaar linking status

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PAN-Aadhaar linking

New Delhi: Less than 10 days left for PAN- Aadhaar linking, as the deadline is December 31, 2019. Union Budget presented in July changed the PAN-Aadhaar linking rules. Initially, the law was if PAN was not linked with Aadhaar by a notified date, then PAN (permanent account number) would have become invalid.

However, the July 2019 Budget document says, "Presently, the Act provides for making PAN invalid if it is not linked with Aadhaar within a notified date. In order to protect past transactions carried out through such PAN, it is proposed to provide that if a person fails to intimate the Aadhaar number, the PAN allotted to such person shall be made inoperative in the prescribed manner after the date notified for the said linking."

The government had also revised the consequences of not linking PAN with Aadhaar. According to the revised rule, the word 'invalid' was substituted with the word 'inoperative' so as to protect the past transactions using PAN.

Worth mentioning that in 'Year in Search' released by Google, it was revealed that among the top searches under 'How to' section was 'How to link Aadhaar to PAN. You can link the two by sending an SMS to 567678 or 56161 from your registered mobile number in the format- UIDPAN

If you have linked both the documents but not sure about the linking, then given below is the process to check the PAN-Aadhaar linking status-

1. Visit e-filing website, www.incometaxindiaefiling.gov.in.

2. On the left side of the screen under 'Quick Links', click option 'Link Aadhaar'.

3. On the 'Link Aadhaar' page opened, on the top of the page click on a hyperlink 'Click here to view the status if you have already submitted Link Aadhaar request'.

4. On the next page, you will be required to fill in your details like PAN and Aadhaar number. Enter your details and click 'View Link Aadhaar Status'.

5. This process will let you know if your PAN is linked Aadhaar or not. If your PAN is linked to Aadhaar, then the page will display a message saying, “Your PAN is linked to Aadhaar number xxxx xxxx xxxx”.

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adsatinder

explorer
Banks stop issuing debit cards for dormant a/cs

Rachel Chitra | TNN | Dec 23, 2019, 07:10 IST



BENGALURU: Banks have stopped suo motu issuing debit cards for dormant accounts. “For a bank, it is not prudent to keep servicing dormant accounts. One, the risk of fraud like

money laundering

increases. And second, there is the cost of maintaining such an account. So, banks have stopped issuing cards suo motu unless approached by the customer,” says Bharat Panchal, CRO, FIS Global, a financial

services

provider.


But why so many dormant accounts? Banks attribute this to job-hopping by salaried professionals. As young urban Indians switch jobs more frequently, they leave a string of zero-balance salary accounts dormant in their wake.


This fall in debit cards could have been sharper had it not been cushioned by rural India increasing its debit card usage via Jan Dhan accounts.

RuPay

cards used by Jan Dhan account holders grew 13.5% year-over-year to 296.8 million as of November 2019 — which increased debit card holding in poor families in India from 75% to 80% in a year.


“While it might be a popular notion that many poor people don’t use Jan Dhan accounts. And government pressure forced bankers to foolishly open thousands of bank accounts, which now remain inactive — it is not so. Numbers show otherwise,” said Mrutyunjay Mahapatra, MD,

Syndicate Bank

, citing the 13% year-over-year increase to 374.7 million Jan Dhan accounts.


.


 

Big Daddy

Super User
So the NRIs are screwed further. The KYC rules required NRIs to use a PAN card. Now those cards are invalid. Guess what? This is another way to steal money from NRIs. The demonetization taxed NRIs 100% of their cash. Now, they will freeze NRI accounts (dormant) and take cash from those accounts. I do not even live in India but Indian harassment does not seem to stop. India constantly reminds me of the hell I was living in.
 
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