SBI customers? State Bank of India can block your debit card from online transactions: Check how to reactivate it
SBI sends an SMS alert to the customer once their debit card online transaction facility is blocked.

If you are a customer of State Bank of India, then you must know that your bank holds the right to block your ATM/Debit card. The largest public sector bank lead in Debit Card issuance in the country, with a market share of 32.3% having issued approximately 27.83 crore Debit Cards as of March 2018. It's market share in debit card spends stand around 30 per cent. However, you may be surprised to know that the bank has been putting restrictions for some customers on the online transactions done by them using their debit cards.
The SBI sends an SMS alert to the customer once their debit card online transaction facility is blocked. You may worry why the bank needs to do it?
Explaining the rationale behind the move, the SBI said, "In order to avoid any online frauds, any customer who has not used their card for online transactions (e-commerce) for a long time, such cards are deactivated and are notified about the same through SMS notifications."
Thus SBI made it clear that the restriction is not permanent and can be removed on request. The bank also detailed the process by which a customer can re-activate the service by sitting at home.
"To activate e-Commerce functionality send SMS “SWON ECOM NNNN" (NNNN IS LAST FOUR DIGITS OF THE CARD EG., 0647) TO 0922396666. You may also use Internet Banking for enabling the same at ATM Card Services> ATM card limit> Channel> Usage Change under e-Services tab," said the bank.
Watch This Zee Business Video
It's well known that financial crimes are on a rise in India. While the SBI's move may cause trouble for you and that also only for a short time, the move goes a long way in securing your money from the fraudsters.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

SBI Senior Citizen FD Rates: Want to invest Rs 3,00,000 in SBI FD? You can get this much maturity amount in 1 year, 3 years, and 5 years

5 Stocks to Buy: Varun Beverages, ICICI Bank, Godrej Consumer, and 2 others for up 67% upside; check out long-term targets

EPS Pension Calculation: Rs 40,000 basic salary, 30 years of service, what will be your monthly EPS pension amount?

Retirement Planning: How one-time investment of Rs 11,00,000 can create a Rs 3,30,00,000 retirement corpus

SBI vs PNB vs BoB- 5 year FD Scheme: Which bank can give you higher return on Rs 1 lakh and Rs 2 lakh investment?

Monthly Pension Calculations: Is your basic pension Rs 25,000, Rs 45,000, or Rs 55,000? Know what can be your total pension as per latest DR rates

Income Tax Calculations: Is your annual salary Rs 6.75 lakh, Rs 9.25 lakh, Rs 14.50 lakh, or Rs 18.50 lakh? Know how much tax you will pay in old and new tax regimes
03:11 PM IST