Customers can set up SMS alerts for any of their Internet-enabled accounts, including savings, current, and overdraft accounts. You have the option of selecting which accounts and events to receive alerts for.
Here are the transactions for which you would receive an SMS alert, according to the State Bank of India (SBI) website. When a specific event occurs, you will receive an alert based on your choices.
- A hold on the account balance has been placed. Lien marking is also included.
- The hold on the account balance has been lifted.
- pos-transaction-alert – At the point of sale, a debit card was swiped.
- Cheque Stop alert – The account’s cheque has been halted.
- Cheque dishonour alert – A clearing cheque issued on account or deposited in the account has been returned unpaid.
- Whenever a cheque book is issued on account, you will receive an alert.
- Credit threshold – SMS is sent for all credit transactions that exceed a certain amount. According to the website, the minimum payment is Rs 5000.
- SMS for all debit transactions that exceed a certain threshold limit.
- When the account balance goes below a predetermined level, an SMS is sent.
How to alter and activate SMS notifications via the internet
Step 1: Go to the State Bank of India’s official website and log in to your net banking account.
Step 2: From the main menu, select the ‘e-services’ tab.
Step 3: From the drop-down menu, choose ‘SMS Alerts Service.’
Step 4: Select the account for which you want to enable SMS alerts from the list of accounts displayed and click OK.
Step 5: Select the events for which you wish to get alerts.
Step 6: To proceed, set the value for the same and confirm if an alert is associated with it by clicking the ‘Update’ button.
How do I turn off the SMS alert function in my Net banking account?
On the SMS Alerts Registration/Updation page, select an account and click the disable hyperlink. SMS alerts will be turned off when you approve on the following page.
Debit card holders with an average quarterly balance of Rs 25000 or less are liable to SMS Alert charges once a quarter, according to SBI updated rates.
The laws of the Reserve Bank of India (RBI) regarding SMS alerts
In order to combat fraud, the Reserve Bank of India (RBI) has instructed banks to send SMS notifications for each transaction. The regulator has also instructed banks to collect fees based on actual consumption.
“Banks must ask their customers to register for SMS notifications and, where available, e-mail alerts, for electronic banking transactions,” according to an RBI notification. “Customers must get SMS alerts, whereas email alerts may be delivered to anybody who has registered. Customers must be encouraged to tell their bank as soon as possible following the occurrence of any unauthorised electronic banking transaction, and that the longer it takes to notify the bank, the greater the risk of loss to the bank/customer.”