State Bank of India's tweet warns its customers against FD fraud.
The State Bank of India (SBI) is India's largest state-owned banking and financial services corporation. In addition to banking, the bank offers a range of financial services through its subsidiaries, including life insurance, merchant banking, mutual funds, credit cards, factoring, security trading, pension fund management, and primary dealership in the industry.
SBI offers a wide range of banking services through its extensive network of branches in India and abroad, including NRI-specific services. SBI, with the help of Twitter, informed its customers about a new type of cyber fraud in which fraudsters use the victim's online FD account to steal money.
It was said, "We urge our customers to not share their banking details with anyone. Don't fall for scammers impersonating as SBI, we never ask for personal details like Password/OTP/CVV/Card Number over the phone". SBI sends out periodic alerts to its customers, advising them about phishing patterns and how to protect themselves from such scams.
A new form of cyber fraud has been discovered, in which fraudsters use the victim's FD account to steal money. They first generate an FD account for the target victims using their net banking information and move funds.
Then they take advantage of the victim's negligence and ask for an OTP while trying to imitate a bank official. The cybercriminals pass the entire FD sum into their own account until the victim shares the OTP.
SBI is one of the country's most well-known fixed deposit providers. The bank provides versatile FDs with terms ranging from seven days to ten years. Aside from that, SBI FD provides daily fixed deposit returns ranging from 2.90 percent to 5.40 percent.
Fixed deposit interest rates for senior citizens vary from 3.40 percent to 6.20 percent, Senior citizens can receive an additional 50 basis points (bps) on these deposits. SBI has updated its prices for retail FDs of less than 2 crores, which will take effect on January 8, 2021.
Furthermore, SBI fixed deposit plans have customized fixed deposit products for a variety of fixed deposit investors.