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 doesnot require OTP sharing. Do not share your OTP.” SBI said in a tweet.

   

Once the OTP is shared theamount is immediately siphoned away by fraudsters. SBI has warned its customersnot to share their OTP

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

Tohelp borrowers following the COVID-19 lockdown, RBI offered EMI moratorium forindividual and business borrowers. The EMI moratorium scheme offers thefacility to defer monthly payments by 3 months. SBI has informed customers ifthey 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 anapplication to the bank through an email. The form and the list of email idsare available here. You will also have to attach a NACH/ECS mandate extensionform with your application.

SBIhas further clarified to its customers that the interest will continue toaccrue over the moratorium period and it will increase the cost.

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