SBI annuity deposit scheme intends to provide a fixed amount to customers each month.
These public sector banks collectively offer customer-oriented services under PSB Alliance.
SBI customers need to enter OTP for all withdrawals above ₹10,000.
The Reserve Bank of India (RBI) proposed the positive pay system for secure cheque payments.
The OTP based cash withdrawal facility aims to improve the security for cash withdrawals of customers and control frauds.