SBI customers can withdraw Rs 10,000 or more from ATMs by entering an OTP issued to their registered mobile number, as well as their debit card PIN, each time. This facility has been operational since January 1, 2020.
New Delhi: Customers of State Bank of India (SBI) can use the bank’s one-time password (OTP)-based cash withdrawal service to avoid unauthorized transactions at ATMs. The OTP is a four-digit number used to verify a user’s identity for a single transaction.
Customers of SBI can withdraw Rs 10,000 or more from ATMs by entering an OTP issued to their registered mobile number, as well as their debit card PIN, each time. This facility has been operational since January 1, 2020.
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“Our OTP-based cash withdrawal system for SBI ATM transactions is a fraud-prevention vaccine. Our first aim will always be to keep you safe from fraud,” SBI tweeted.
Check how the OTP based cash withdrawal system works:
- An OTP is required to withdraw cash from an SBI ATM.
- Your registered mobile number will receive an OTP.
- A one-time password (OTP) is a four-digit number that verifies a user’s identity for a single transaction.
- The OTP screen will appear after you have entered the amount you desire to withdraw on the ATM screen.
- To receive the cash, you must now enter the OTP received on your bank-registered mobile number on this screen.
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The Reserve Bank of India (RBI) had decided on Friday to enable all banks to begin cardless cash withdrawals through ATMs in order to avoid fraud. “It is now suggested to use UPI to enable cardless cash withdrawals across all banks and ATM networks.” The elimination of the requirement for a real card for such transactions will help avoid frauds in the form of card skimming, card cloning, and other forms of fraud,” RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review.
