SBI's Rule Change For ATM Cash Withdrawal Kicks In, Others May Follow
The State Bank of India (SBI) has launched a one-time password (OTP) based cash withdrawal service to protect its customers against fraudulent ATM transactions.
Soon many banks are expected to switch to this method for cash withdrawals from ATMs.
This will work as an extra layer of protection against unauthorized transactions. According to the SBI, customers will have to enter the OTP during the cash withdrawal at ATMs to complete the transaction.
The OTP is a system-generated four-digit number, which will be sent on the registered mobile number of the customer. The OTP will authenticate the cash withdrawal and it will be valid for only one transaction. Â
The largest lender in the country launched the OTP-based cash withdrawal services on January 1, 2020.
The SBI has been creating awareness about ATM frauds from time to time through social media and other platforms. It has been appealing all its customers to avail the service after implementing it.
The customers withdrawing Rs 10,000 or more in one transaction at the SBI ATMs will need the OTP to complete the transaction.
How to withdraw cash using OTP:
- You will need to have your debit card and mobile phone with you while withdrawing cash at SBI AT.
- Once you insert your debit card and enter the ATM PIN Â along with the withdrawal amount, you will be asked for the OTP
- The OTP will be received on your registered mobile number via SMS
- Enter the OTP received on your phone on the ATM screen
- The transaction will be completed once you enter the valid OTP
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