Financial frauds especially in the banking industry have always existed and could be even on the rise. As a banking customer one should take adequate measures to prevent any kind of unauthorized transaction related to a savings account or any other product.
At times, bank account holders come to know at a later date that a certain sum of money has been withdrawn through a fraudulent transaction. Even though it is the bank’s responsibility to ensure that no unauthorized transactions happen in the customer’s account, there could be phishing or a related fraud that the customer may fall for. It’s always better to keep the time lag between knowing a transaction has been made on the account and informing the bank about any such fraudulent transaction. And, this is possible if you as a bank account holder have registered for SMS Alerts.
By registering for the SBI SMS Alert service, the account holder can stay updated on their banking transactions made in the SBI bank account. Here is how to register for the SBI SMS Alerts, what all alerts you can set up and in which event do they help.
The SBI SMS Alert service will trigger the moment a specific event that you have registered for takes place such as when a financial transaction happens or when the account balance falls below a certain limit. Here are a few such alerts that you can set in your SBI account.
- You can set the ‘Hold on account balance’ which includes lien marking also
- You can remove the ‘Hold on account balance’
- You can set a PoS transaction alert – It sends an SMS when you swipe your debit card at any Point of Sales (PoS)
- You can set a Cheque Stop alert – Cheque issued by you on the account is stopped
- You can set a Cheque dishonor alert for both Inward or Outward Clearing
- You can set a Cheque book issue alert
- You can set a credit threshold limit. An SMS for all credit transactions above a threshold limit will be sent to your mobile. (Minimum amount Rs.5000)
- You can set a debit threshold. An SMS for all debit transactions above a threshold limit will be sent to your mobile. (Minimum amount Rs.5000)
- You can set a Balance Threshold in which an SMS is sent whenever the balance in the account falls below the predefined balance.
- To register for SMS alerts, you may get it done at your bank branch. Additionally, SBI SMS Alert can be set through the Internet banking site by accessing SBI Online. However, before you start the registration process, make sure your mobile number should be registered with SBI.
Steps to set SBI SMS Alerts
Step 1: Log on to the Internet banking site i.e. SBI Online
Step 2: Click the SMS Alerts link in the Requests tab.
Step 3: You will be shown a list of your accounts including savings account or current account or the OD account.
Step 4: Select the account for which you wish to enable SMS alerts and click OK.
Step 5: Select the events for which you wish to receive alerts. If an alert is associated with a threshold (Above the threshold value), set the value for the same and confirm.
Once the SMS alerts are registered, you can change the alert settings and even the threshold limits as and when you want by logging to your net banking. You can also disable all your alerts whenever you wish to. To do it, in the SMS Alerts Registration or the Updation page, select an account and click the disable hyperlink. On the next page, a confirmation will be asked to disable the SMS alerts, post which they will be disabled.