The leading state-run lender SBI via its official twitter handle informed bank's borrowers that if they wish to avail moratorium facility on various credit facilities, they do not need to share one-time password or OTP with the bank. Likewise, the bank cautions customers against responding to such messages.
"Cyber fraudsters keep finding new ways to scam people. The only way to beat the #cybercriminals is to #BeAlert & be aware. Please note that EMI Deferment does not require OTP sharing. Do not share your OTP", said SBI in a tweet.
Cyber fraudsters keep finding new ways to scam people. The only way to beat the #cybercriminals is to #BeAlert & be aware. Please note that EMI Deferment does not require OTP sharing. Do not share your OTP. For details on EMI Deferment scheme, visit: https://t.co/wP3Xux99vI#SBI pic.twitter.com/2GZSHX3ONa— State Bank of India (@TheOfficialSBI) April 5, 2020
As per the bank, SBI borrowers get a hoax call wherein they are asked to share the OTP received on their registered mobile number for availing the EMI deferment facility and once they share the OTP, the amount is siphoned off their bank account immediately.
Notably as per the bank's site, deferment of EMI debited either via National Automated Clearing Hospital (NACH) or standing instruction or EMI refund may take some 7 working days.
Also, those borrowers who do not wish to stop the EMI payment need not do anything. And for them EMI will be debited as per the specified instructions.
Read more details on SBI Loan and credit card moratorium, here.
After the RBI's call to allow banks moratorium on all fixed term loans, banks have started to offer deferment facility on various credit facilities, including credit cards.