New Delhi: State Bank of Indian (SBI) issued a notice for its customers informing them that it is upgrading its Unified Payments Interface (UPI) platform and during the exercise, intermittent issues may be witnessed on March 14, 2021.
Suggesting an alternative solution, the bank listed other channels like YONO, YONO lite, net banking, or ATM (Debit cards) which will not be impacted by the exercise.
What is UPI?
UPI is an instant real-time payment system. It is developed by National Payments Corporation of India to facilitate inter-bank transactions.
SBI YONO App
SBI YONO App is a comprehensive digital service platform. YONO stands for ‘You Only Need One’.
With YONO, customers can transfer funds in just a few clicks, withdraw money from ATM by using cardless withdrawal facility, have one view of their banking and financial portfolio of SBI Group companies, get benefit from intelligent spend analyzer, check reward points, etc.
SBI reduces home loan interest rate
Recently, the bank has reduced its home loan interest rate. It is also giving a 100 percent waiver on processing fees till March 31, 2021.
The bank’s home loan interest rates start from 6.7 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans above Rs 75 lakh.
Customers can apply through the SBI YONO app to avail of additional interest concession of 5 basis points.