Home Technology SBI OTP Based ATM Cash Withdrawal Facility New Rules from September 18

SBI OTP Based ATM Cash Withdrawal Facility New Rules from September 18

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SBI OTP Based ATM Cash Withdrawal for ₹10,000 and above throughout the day across all SBI ATMs in the country. This will be effective from today (September 18). So, the next time, you are heading towards a State Bank OF India (SBI) ATM for withdrawing ₹10,000 or more, do remember to carry your mobile with you. As you will have to enter the OTP sent by the bank on your registered mobile number. If you fail to do so, the transaction will get canceled.

India’s biggest lender SBI in a statement said that “With the introduction of a 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and the likes.”

“Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24×7 for amount ₹10,000 and above from 18.09.2020,” the country’s top lender State Bank OF India tweeted.

Here is how to withdraw cash at SBI ATMs through an OTP-based system

  • In order to withdraw cash at SBI ATMs, you will need an OTP
  • OTP will be sent to your registered mobile number.
  • OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.
  • Once you enter the amount that you wish to withdraw, the ATM screen will display the OTP screen.
  • Now, you will have to enter the OTP received on your mobile number registered with the bank on this screen for getting the cash.
  • This additional factor of authentication will protect State Bank cardholders from unauthorized ATM cash withdrawals.
  • The SBI OTP based ATM cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS), the bank said.

Recently, SBI had launched a new facility for debit card users to help curb the ATM frauds which have been on the rise. The bank had alerted its customers to be cautious and not to ignore SMS alerts regarding balance enquiry or mini-statement when the request is not initiated by them.

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