SBI ATM Cash Withdrawal with OTP: Afraid of ATM card fraud? The State Bank of India offers a safe way to withdraw cash from ATM.
SBI ATM Cash Withdrawal with OTP: Afraid of ATM card fraud? The State Bank of India offers a safe way to withdraw cash over Rs 10,000 from ATM. This new facility, which has been active since the start of 2020, allows ATM cardholders to withdraw cash with the help of OTP. This facility helps in protecting customers from unauthorised transactions from 8 PM to 8 AM daily.
The public sector said in a tweet from its official handle, “An all new OTP based cash withdrawal system has been in effect since 1st Jan 2020 at all our ATMs. Protect yourself from unauthorized transactions across all SBI ATMs from 8 PM to 8 AM.”
How SBI OTP-based ATM withdrawal works
According to the State Bank of India, an OTP is sent to the registered mobile number of the customer before cash withdrawal. The OTP is a numeric string of characters to authenticate the user for a single transaction. The facility protects SBI cardholders from unauthorised ATM cash withdrawal.
Once the customer enters the amount he wishes to withdraw, the ATM screen displays the OTP screen. The customer has then to input the OTP received on his mobile number registered with the bank for getting the cash.
Under the OTP-based withdrawal system, a customer cannot withdraw more than Rs 10,000 from the bank’s ATM without providing OTP received of his registered mobile number.
So, for cash withdrawal over Rs 10,000 after 8 pm till 8 am, the customer will have to provide OTPs received on their mobile phone along with the Debit card PIN.
This facility is available at all State Bank ATMs since January 1. The OTP-based withdrawal is not available at non-SBI ATMs.
“With the introduction of its OTP Based Cash Withdrawal Facility, State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer’s mobile number registered with the Bank,” SBI had said ahead of the launch of the new facility last year.