The State Bank of India (SBI) will be introducing one-time password (OTP)-based cash withdrawal system at all its ATMs from January 1st, 2020.
The SBI’s new OTP-based cash withdrawal system will be applicable for transactions above ₹10,000 between 8 pm and 8 am. Remember, you will receive OTP on your registered mobile number only when you withdraw cash over and above Rs 10,000.
“Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs,” SBI tweeted.
Here is how to withdraw cash at SBI ATMs through OTP-based system
- An OTP will be sent to your registered mobile number at the time of initiating the cash withdrawal process at the ATM.
- The OTP is a 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.
- Enter the OTP received on your mobile number registered with the bank in this screen for withdrawing the cash.
“This additional factor of authentication will protect State Bank cardholders from unauthorized ATM cash withdrawals,” SBI stated.
The SBI has urged its customers to register or update their mobile numbers to receive the OTP and are able to withdraw cash hassle-free
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