SBI Announces to Launch-OTP Based ATM Cash Withdrawals from January 1, 2020

SBI Announces to Launch-OTP Based ATM Cash Withdrawals from January 1, 2020

Points to Ponder:

  • The OTP facility will be active across all SBI ATMs with effect from January 1, 2020, between 8 pm and 8 am.
  • OTP authentication will be applicable for cash withdrawals above Rs.10,000 in the late evening. 
  • A customer must have a registered Mobile Number with SBI to get an OTP alert.

In a bid to increase security and to prevent ATM-related frauds, State Bank of India(SBI) will introduce a one-time password-based cash withdrawal system in its ATMs. This facility will be available from January 1, 2020 for all SBI customers, only for the transactions above Rs.10,000 between 8 pm and 8 am.

“The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect State Bank cardholders from unauthorized ATM cash withdrawals”. 

This OTP-based cash withdrawal facility, will add another layer of security in the portfolio of all SBI customers and keep them protected from tricksters.  

The bank said this new feature will not require any major change in the present process to withdraw cash from its ATMs. However, this facility will not be applicable, if an SBI cardholder uses another bank’s ATM to withdraw cash.

“This will safeguard the customers against the risk of unauthorized transactions on account of skimmed /cloned cards, while withdrawing cash at SBI ATMs,” the bank’s Facebook post stated.

How The Process Works:

  • The process begins when a cardholder enters the amount, he/she wishes to withdraw 
  • An OTP Window will appear on an ATM screen
  • The customer has to enter the OTP received on the registered mobile number to get the cash from the ATM  

Things You Must Know-About SBI’s OTP Based ATM Cash Withdrawal:

  • This facility will be active across all SBI ATMs with effect from January 1, 2020, between 8 pm and 8 am
  • OTP authentication will be applicable for cash withdrawals above Rs.10,000 in the late evening. 
  • A customer must have a registered Mobile Number with SBI to get an OTP alert.
  • Make sure to carry your mobile phone along while withdrawing cash from SBI ATM.
  • If SBI customers withdraw money from another bank’s ATM, then OTP will not be required.

Related Post

Leave a Reply