SBI has changed the rules for withdrawing money from ATMs: keep mobile with you or you will not get cash
State Bank of India (SBI), the country’s largest bank, has been offering OTP-based ATM withdrawals to its customers from January 1, 2020 to protect customers from ATM fraud at night. Under this, OTP is required when withdrawing cash of Rs 10,000 and above from SBI ATMs from 8 pm to 8 am. Now, the bank has decided to implement OTP based service from September 15, 2020 to withdraw Rs 10,000 and more at all SBI ATMs across the country.
Twenty-four hour OTP will be required
With the launch of 24 × 7 OTP based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. With the implementation of this facility during the day, SBI debit card holders will now be able to avoid fraud, unauthorized withdrawals, card skimming, card cloning and other risks.
OTP based cash withdrawal facility is available only at SBI ATMs as National Financial Switch (NFS) has not been developed in ATMs other than SBI. OTP is a system-generated numeric code. Which certifies the user for a single transaction. Once the customer enters the withdrawal amount in the ATM then the ATM screen will ask for TP TP, where you have to enter the received OTP on your registered mobile number.
SBI Managing Director C.S. Shetty (Retail and Digital Banking) said that SBI has always been at the forefront of ensuring convenience and security to its customers by enhancing the level of technological improvement and security. “We are confident that 24 × 7 OTP Certified ATM withdrawals will enable SBI customers to experience safe and risk-free cash withdrawals,” he said.
How will this facility of SBI work?
To withdraw cash from SBI ATMs, customers have to enter OTP with PIN number. The OTP will be sent by them to the mobile number registered with SBI.
SBI’s OTP-based ATM withdrawal facility will be available only for withdrawals above Rs 10,000.
SBI has launched this facility to protect SBI debit card holders from any possible scamming or card cloning. This way, they will be able to avoid fraud.