The State Bank of India (SBI) has recently launched a one-time password (OTP) based withdrawal service adding an extra layer of protection against unauthorised transactions.
Many banks are planning to switch this method for cash withdrawal from ATMs.
The step is taken in view of preventing false transactions. As per the bank, customers will have to enter the OTP during the cash withdrawal at ATMs to complete the transaction.
The OTP, which is a system-generated four-digit number, will be sent to the registered mobile number of the consumer. It will help in the authentication of the cash withdrawal and will be valid for a single transaction.
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HOW TO WITHDRAW CASH USING AN ATM:
Step 1: Make sure you are carrying both your debit card and your mobile phone along with you while withdrawing cash at the ATM.
Step 2: Once you insert the ATM card into the machine, enter the PIN and the withdrawal amount.
Step 3: You will then be asked to feed your OTP.
Step 4: You will receive the OTP on your registered mobile number via SMS.
Step 5: Enter the OTP received on your phone on the machine’s screen.
Step 6: The transaction will be completed as soon as you enter the valid OTP.
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NOTE: The customers doing a transaction of more than Rs 10,000 will need the OTP to complete the transaction.
The largest lender in the country first launched the OTP-based cash withdrawal services in January 2020. Since then it has been raising awareness about ATM frauds through various modes including social media and other platforms. The customers also find it appealing.
Earlier, SBI also launched its Whatsapp Banking service on Thursday which will allow its users to check their account balance through Whatsapp. To avail of SBI WhatsApp Banking services, users will just need to send a ‘Hi’ to the number +919022690226. Soon after this, users will receive a message that will read, “Dear Customer, Welcome to SBI Whatsapp Banking Services!”
