Banking

SBI internet banking, UPI services, Yono to be affected today. Here’s why

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Customers of India’s largest lender State Bank of India (SBI) will be unable to use the digital services on Friday due to maintenance activities.

“We will undertake maintenance activities between 22:15 hrs on May 7, 2021, and 1:45 hrs on May 8, 2021. During this period INB/YONO/YONO Lite/ UPI services will be unavailable. We regret the inconvenience caused and request you to bear with us,” SBI took to Twitter to say.

Prior to this, the bank’s services including, Yono, Yono lite, internet banking, Unified Payments Interface (UPI), were affected due to scheduled up-gradation of the platforms.

SBI has the largest network with over 22,000 branches and more than 57,889 ATMs across the country. As of 31 December 2020, it had 85 million internet banking and 19 million mobile banking users. The bank’s number of UPI users stood at 135 million at December-end.

At present, the bank has around 35 million registered users of Yono, the digital lending platform. SBI has opened over 1.5 million accounts through YONO in the quarter ended December 2020 with nearly 91% of YONO eligible savings bank customers migrated on YONO.

The lender recently reduced its home loan interest rates to 6.70% for loans up to 30 lakh. For home loans above 30 lakh and up to 75 lakh, the interest rate has been fixed at 6.95%.

For home loan above 75 lakh, SBI home loan interest rate will start from 7.05%.

The largest Indian commercial bank has also announced an additional 0.05 per cent home loan interest rate rebate to the female customers.

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