EMI deferment does not require OTP: SBI

State Bank of India (SBI) has released a warning to its customers alerting them of a new style of cybercrime. The bank has said that in such frauds customers get calls asking them to share their OTP in order to postpone their loan EMIs.

“EMI Deferment does not require OTP sharing. Do not share your OTP.” SBI said in a tweet.

Once the OTP is shared the amount is immediately siphoned away by fraudsters. SBI has warned its customers not to share their OTP

Cyber fraudsters keep finding new ways to scam people. The only way to beat the cybercriminals is to be alert and aware. Please note that EMI Deferment does not require OTP sharing. Do not share your OTP. For details on EMI Deferment scheme, visit bank’s site,” SBI tweeted.

To help borrowers following the COVID-19 lockdown, RBI offered EMI moratorium for individual and business borrowers. The EMI moratorium scheme offers the facility to defer monthly payments by 3 months. SBI has informed customers if they don’t want to avail the moratorium, no action is required from their end. However, those who want to avail the moratorium will have to send an application to the bank through an email. The form and the list of email ids are available here. You will also have to attach a NACH/ECS mandate extension form with your application.

SBI has further clarified to its customers that the interest will continue to accrue over the moratorium period and it will increase the cost.

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