New Delhi, Business Desk. SBI ATM Cash Withdrawal with OTP: State Bank of India (SBI) is offering a secure way of withdrawing cash over Rs 10,000 from ATMs. This new facility has been operational since early 2020 and ATM card holders can withdraw cash with the help of OTP. This facility helps customers to avoid unauthorized transactions from 8 am to 8 pm daily.
The bank said through its official Twitter handle, ‘A new OTP based cash withdrawal system is in effect from 1 January 2020 at all our ATMs. Protect yourself from unauthorized transactions at all SBI ATMs from 8 am to 8 am.
What is the way
According to the bank, an OTP is sent to the customer’s registered mobile number before cash withdrawal. This allows customers to conduct single transactions. This facility protects SBI card holders from unauthorized ATM cash withdrawal.
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Once a customer enters the amount he wants to withdraw, the OTP appears on the ATM screen. After this, the OTP that comes on the customer’s number has to be inserted into the machine.
Under the OTP-based withdrawal system, a customer cannot withdraw more than Rs 10,000 from a bank’s ATM without entering the OTP received from his registered number.
For cash withdrawal of more than Rs 10,000 after 8 pm till 8 am, the customer has to enter the OTP with the debit card PIN received on his mobile phone. This facility is available at all State Bank ATMs from 1 January. OTP based withdrawals are not available at non-SBI ATMs.
