New Delhi: State Bank of Indian (SBI) has extended OTP based cash withdrawal facility at ATMs to 24×7 for the amount Rs. 10, 000 or more.
SBI ATM withdrawal rule applicable from Sept 18
From 18th September 2020, customers who want to withdraw amount Rs. 10, 000 or more have to enter One Time Password (OTP) along with the debit card pin.
Since 1st January 2020, this facility was active between 8 p.m. and 8 a.m. Now, it will be extended to 24×7.
Bank’s statement
The bank’s statement said, “To protect customers from falling prey to fraudsters, SBI now extended OTP based cash withdrawal facility to 24×7 for amount Rs. 10, 000 and above. This facility will be available for all SBI Debit cardholders at SBI ATMs from 18th September 2020 onwards.
We request you to carry your mobile while transacting at SBI ATMs and register your mobile number at branch/ATM, if not registered”.
How OTP based cash withdrawal system works
An OTP will be sent to registered mobile number. The customer has to enter the OTP on ATM. It authenticates him/her for a single transaction.
This OTP based system will protect SBI Card Holders from unauthorized ATM cash withdrawals.