Mobile banking has indeed simplified our financial chores by providing most of the banking-related services on mobile devices. The arrival of mobile banking has made banking processes like money transfers, payments, deposits, balance inquiries, etc. possible from the comfort of our homes.
State Bank of India's mobile banking services, known as State Bank FreedoM, enables the customers to enjoy banking anytime, anywhere. State Bank of India's mobile banking can be used on their phones using a mobile application or WAP. A customer must use an Android or iPhone device, or have a java enabled phone. You must download the application from the App market or Play store on your phone and then sign up to start using State Bank FreedoM.
Savings account holders in the P segment and current account holders in the P and the SME segments, are allowed to use this facility. Any telecom service provider can be used to avail of this service. This service has no additional charges apart from the data and SMS costs. The transaction limit is Rs.50,000 daily and Rs.2,50,000 monthly using this service.
These are the amazing features that one can avail using SBI's mobile banking service:
Account Related Information
You can avail the balance and transaction-related details and issue statement of account for a minimum of six months through email or via post.
Cheque Book Issue Request
You can issue a cheque book or cancel a cheque through phone banking
Transferring funds within SBI accounts
You can instantly transfer funds to other SBI Online accounts
Fund transfer between other accounts
You can transfer funds between other accounts.
Acquiring the interest certificate via post or email
You can acquire your interest certificate through post or email.
Acquiring TDS information
TDS inquiry is a facility for generating the details of tax deducted from your savings account in the previous financial year or the projected tax for the current financial year. You can acquire information linked with TDS with the help of SBI mobile banking
You can make all your bill payments with the help of SBI mobile banking. Make payment for utility bills, insurance premiums, etc with SBI mobile banking and SBI Net Banking.
SBI allows various modes of fund transfer through its mobile banking feature:
National Electronic Fund Transfer system or NEFT is a mode of electronic fund transfer that works on the basis of DNS or Deferred Net Settlement at specific times of the day. In NEFT, the transactions are carried out between banks via payment instructions. There is no set limit for NEFT transactions.
SBI NEFT Charges:
Real Time Gross Settlement or RTGS transfer funds at the real-time, based on the received transfer instructions. The funds are individually settled as per instruction. RTGS happens to be the fastest way of interbank money transfer in our country.
RTGS Timings and Charges:
Immediate Payment Service, as the name suggests, is an instant way of electronic fund transfer. It is mainly used for inter-bank transactions. SBI provides the IMPS facility to all its customers who have registered for using online SBI services.
These are the security measures of the SBI mobile banking service:
What is the primary benefit of SBI mobile banking?
The primary benefit of SBI mobile banking is that it can help you in carrying out all your banking transaction anywhere, anytime.
Who can request for this service?
SBI Bank mobile banking service is accessible by all SBI customers who have an active current or savings account. Currently, the mobile banking service is extended to SME customers as well.
Is it necessary to have an alphanumeric MPIN?
Having an alphanumeric MPIN ensures high-level security. So, it is advisable to keep an alphanumeric MPIN.
What is the count of characters maintained in MPIN?
The MPIN should be a total of six characters. You must it is a combination of special characters and alphanumeric.
If mobile banking isn't used for a more extended period, will the service get deactivated?
Yes, if mobile banking can't be accessed for six months, it gets deactivated automatically. People need to register again for availing the service.