Archive for the ‘Banks’ Category

SBI proposes hardware tokens for additional layer of security

7-March-2009 Leave a comment
State Bank of India proposes to provide hardware tokens (see image) as an additional layer of security for Internet banking. A hardware token is a tamper proof device, similar to a USB. The token is assigned to a specific Internet banking user, and generates a unique one time authentication password to complete a transaction. They are conducing a survey on their Online Banking website, to check if the customer is interested to avail this additional security feature and also bear the one time cost of hardware token (Max Rs. 1000).
Categories: Banks, India, Security

NEFT Transaction Fee from 01-Apr-2009

20-January-2009 Leave a comment

Have you used NEFT online? While RBI has waived the processing charges till March 31, 2009. With a view to rationalize the service charges levied by banks for offering various electronic products, a broad framework has been mandated as under: –

a) Inward transactions – Free, no charge to be levied
b) Outward transactions –
Upto Rs. 1 lakh – not exceeding Rs.5 per transaction.
Rs. 1 lakh and above – not exceeding Rs. 25 per transaction.

National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system in India, to facilitate transfer of funds from any bank branch to any other bank branch.

Source: NEFT FAQ Page on RBI Website

Categories: Banks, Finance, India