New cash withdrawal rules for SBI ATM in place from today: Things you should know
- SBI starts OTP based cash withdrawal [24/7] facility for translation of 10,000 or above.
- OTP is compulsory inorder to withdraw an amount of 10k or above at SBI ATMs.
STATE BANK OF INDIA (SBI) is Updating its withdrawal process into One Time Password (OTP) based transaction from today. This will be effective from today (sept 18). So next time, do carry your mobile phone with your ATM Card to your SBI ATM in order to draw a five digit (xx,xxx) amount. You will be receiving an OTP by the bank on your registered mobile number which is to be entered. The transaction gets cancelled if you fail to do so
SBI posted this in their office page on Twitter where it announced "To protect customers from falling prey to fraudsters, SBI now extends OTP based cash withdrawal facility to 24x7 for amount 10,000 and above. This facility will be available for all SBI Debit cardholders at SBI ATMs from 18th September 2020 onwards.
We request you to carry your mobile while transacting at SBI ATMs and register your mobile number at branch/ATM, if not registered"
With the introduction of OTP based cash withdrawal for 24X7 SBI has further strengthened the security. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, card skimming, unauthorized withdrawals, card cloning and what not. SBI has also urged all of its customers to register or update their mobile numbers if they haven't done that yet.
Process to withdraw cash from SBI through OTP
- Insert the card in ATM or CDM
- Choose banking
- Then cash withdrawal from which you prefer
- Enter the requested amount
- You will be receiving an OTP on your registered mobile number
- Enter the received OTP
- Collect your cash and complete the transaction
This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals.
This is a good initiative by SBI that strengthen banking and curb the ATM frauds which have been on the rise
Currently 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), hope this rolls out to more ATMs in these coming days
