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News You Can Use: SBI EMI Deferment Does Not Require OTP

Team BankBazaar

With cybercrimes on the rise, the SBI has cautioned its customers to be alert against fraudsters seeking your one-time password (OTP) for EMI deferment.

In a tweet, the SBI said, “A new style of cybercrime has been started by fraudsters. In such frauds, customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared the amount is immediately siphoned away by fraudsters. Please do not share your OTP.”

Banks, both private and public sector ones, have announced the deferment of equated monthly instalments (EMIs) as per the Reserve Bank of India’s (RBI) suggestions.

Late last month, the RBI had asked the banks to give a three-month loan moratorium to term loan borrowers and credit card users to deal with ongoing financial challenges. However, it is important to note that interest on these loans will accumulate during the three-month EMI break.

State Bank of India was amongst the first banks to offer the ‘opt-in’ option to its borrowers. The bank had said that customers who want to avail the moratorium should fill the relevant application form and send it to the bank through an email.

Customers who do not want to avail this service are not required to do anything. And customers who have already paid the EMI, or those whose EMI is already debited but want a refund, can submit an application through an email to a specified email ID.