New Delhi: Scammers now employ a variety of inventive techniques to con consumers and steal money from their accounts. The issue is exacerbated as more people use ATMs for withdrawals. To safeguard against fraud, SBI has now changed the rules for cash withdrawals from ATMs. Banks issued a new rule to make ATM transactions more secure. Let’s have a look at the rule.
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As per the new rule, customers cannot withdraw cash without OTP from ATMs. At the time of cash withdrawal, customers get an OTP on the registered mobile number. After entering the OTP, one can withdraw cash.
“Our OTP-based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority. SBI customers should be aware of how the OTP-based cash withdrawal system will work, SBI said.
According to the bank, the new rule is implemented only on withdrawals of Rs 10,000 and above. While withdrawing, customers have to enter the OTP along with the debit card PIN.
Step-by-step guide
– The OTP will be a four-digit number that the customer will get for a single transaction.
– Once you have entered the amount you want to withdraw, you will be asked to enter OTP on the ATM screen.
– You have to enter the OTP received on the mobile number registered with the bank.
