OTP-based cash withdrawal: Now for withdrawals of Rs 10,000 and above, SBI debit card holders will now have to enter the OTP sent to their registered mobile numbers with their debit card PIN.
new Delhi. State Bank of India (SBI), the country’s largest bank, introduced the OTP based ATM Withdrawal facility to its customers from 1 January 2020 to avoid ATM Fraud at night time. Under this, OTP is required while withdrawing cash of Rs 10,000 and more from SBI ATM from 8 am to 8 am. Now, the bank has extended OTP-based cash withdrawal from September 15, 2020 to withdraw 10,000 rupees and more in all SBI ATMs across the country.
OTP will be needed round the clock
With the introduction of 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawal. By implementing this facility throughout the day, SBI debit card holders will be able to avoid fraud, unauthorized withdrawals, card skimming, card cloning and other risks.
only in SBI ATM
OTP based cash withdrawal facility is available only at SBI ATMs as National Financial Switch (NFS) has not been developed in non-SBI ATMs. OTP is a system-generated numeric string that authenticates the user for a single transaction. Once the customers enter the withdrawal amount at the ATM, then the ATM screen will ask for the OTP, where you will have to enter the OTP received on your registered mobile number.
SBI Managing Director CS Shetty (Retail & Digital Banking) said, SBI has always been at the forefront of ensuring convenience and security to its customers through technological improvements and increased security levels. He said, we are confident that with 24×7 OTP certified ATM withdrawals, SBI customers will experience safe and risk free cash withdrawal.
How will this feature of SBI work?
>> To withdraw cash from SBI ATM, customers have to enter an OTP along with the PIN number. This OTP will be sent by them to the mobile number registered with SBI.
>> SBI’s OTP based ATM withdrawal facility will be available only on withdrawal of more than Rs 10 thousand.
>> SBI has introduced this facility so that SBI debit card holders can be protected from any possible skimming or card cloning. In this way, they will be able to escape from fraud.