State Bank of India (SBI) customers can avail one-time password (OTP) based cash withdrawal facility of the bank. This facility protects customers from unauthorized transactions at ATMs. In other words, it keeps you safe from any kind of messy transactions. SBI, the country’s largest bank, allows customers to withdraw money from ATMs every time by entering the OTP sent to their registered mobile number along with their debit card PIN. That is, you have to enter the PIN as well as the OTP sent to the registered mobile number. This facility is available in case of withdrawal of Rs.10,000 and above.
When was this service started
This service of SBI started on 1 January 2020. Now SBI has made a tweet to remind the customers. According to the bank’s tweet, its OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will be the top priority of the bank. Know further how OTP based cash withdrawal system works.
This is the process
To withdraw cash from SBI ATM, you will need an OTP. An OTP will be sent to your registered mobile number. OTP is a four digit number that verifies the users for a single transaction. Once you enter the amount you want to withdraw. Then the OTP screen will be displayed on the ATM screen. Know more about the rest of the process.
Here is the rest of the process
Now you have to enter the OTP received on your registered mobile number with the bank in this screen to receive the cash. This additional verification factor will protect State Bank cardholders from unauthorized ATM cash withdrawals. With this, the transaction of SBI cardholder will be safe and they will also be safe from errant.
SBI Branches & ATMs
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and employees. SBI has the largest network of 22,224 branches and 63,906 ATMs/CDMs in India with 71,705 business correspondent outlets. The number of customers using Internet Banking and Mobile Banking are 91 million and 20 million respectively.
SBI is giving chance to get cashback
SBI is giving cashback up to Rs 20,000 to its credit card customers. Keep in mind that this offer will be valid till 31st December. You will not get cashback up to Rs 20 thousand on every type of shopping. Rather, cashback will be given on purchase of selected products of only one company. This company is LG. You can avail cashback on select LG products. The maximum cashback is Rs 20,000 per card. One more thing that the offer is valid only on EMI transactions. This cashback offer can be availed on all SBI Credit Cards except Corporate Cards and Paytm SBI Credit Cards. Cashback can be availed thrice per card during the period October 2021 to December 2021.