For withdrawing Rs 10,000 and above, SBI debit cardholders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time
India’s biggest commercial bank the State Bank of India (SBI) has extended its OTP-based cash withdrawal service to 24×7. Withdrawal of Rs 10,000 and above across all SBI ATMs in the country through OTP authentication has been extended throughout the day effective September 18, 2020. For withdrawing Rs 10,000 and above, SBI debit cardholders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.
At present, this extra level of security is available for transactions at SBI ATMs between 8 pm and 8 am.
“Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24×7 for amount Rs 10,000 and above from 18.09.2020,” SBI tweeted.
“With the introduction of a 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and the likes,” SBI said in a statement.
Follow these steps to withdraw cash:
- In order to withdraw cash at SBI ATMs, you will need an OTP
- OTP will be sent to your registered mobile number.
- OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.
- Once you enter the amount that you wish to withdraw, the ATM screen will display the OTP screen.
- Now, you will have to enter the OTP received on your mobile number registered with the bank in this screen for getting the cash.
- This additional factor of authentication will protect State Bank cardholders from unauthorized ATM cash withdrawals.
- The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS), the bank said.
Worth mentioning here is that SBI recently also introduced a new facility keeping in view the rising incidents of ATM-related frauds. Under this new facility, every time an SBI customer visits an ATM and checks balance or mini statement, SBI will alert him by sending an SMS so that the customer becomes alert and can block his debit card if the transaction is not initiated by him. ( TImes Now )