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From 18th sept 2020, State Bank of India (SBI) is extending OTP-based cash withdrawal for ₹10,000 and above throughout the day across all SBI ATMs in the country.
For withdrawing ₹10,000 and above, SBI debit cardholders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time, the bank said. So, the next time you are heading towards an SBI ATM for withdrawing ₹10,000 or more, please remember to carry your cellphone with you.
With the introduction of a 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals and made transactions secured than ever. Implementing this facility throughout the day would prevent SBI debit cardholders from the frauds like risk of falling prey to fraudsters, unauthorised withdrawals, card skimming, card cloning etc.
With an aim to reinforce its ATM security system and safeguard customers, SBI introduced OTP based cash withdrawals of above ₹10,000 between 8 PM – 8 AM through SBI ATMs from 1st January.
So let’s see, how to withdraw cash at SBI ATMs through 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 in this screen for getting the cash.
– This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals.
– As per the bank officials, The OTP-based 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).