SBI Customers Will Need To Enter OTP For ATM Cash Withdrawal Over Rs 10,000: Here Are The New Rules
India’s largest bank: State Bank of India has announced the launch of OTP based ATM cash withdrawal, wherein the users will need to enter OTP for any cash withdrawal more than Rs 10,000
This is a major initiative from SBI to curb ATM frauds, which have increased lately, and affected hundreds of SBI customers, all over the country.
Find out more details about SBI’s new OTP based cash withdrawal right here..
SBI’s OTP Based Cash Withdrawal: How Will It Work
Effective January 1st, SBI customers having SBI debit cards, can visit any SBI ATM, and withdraw cash via OTP, if the transaction is above Rs 10,000.
Hence, this is will add a new layer of protection.
SBI announced this new OTP cash withdrawal via tweet:
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. To know more: https://t.co/nIyw5dsYZq#SBI #ATM #Transactions #SafeWithdrawals #Cash pic.twitter.com/YHoDrl0DTe— State Bank of India (@TheOfficialSBI) December 26, 2019
Once they visit the ATM, they need to enter the amount for cash withdrawal. If the amount is more than Rs 10,000, then a new OTP screen will be displayed, wherein the user will need to enter OTP to withdraw cash.
After entering the OTP the cash will be received.
OTP Based ATM Cash Withdrawal Will Help Stop ATM Frauds
ATM fraud is a serious issue, spreading like wildfire, across the nation.
In such frauds, the scamsters copy the data saved in the magnetic strip, and/or chip, and then clone the debit card to withdraw aunthorized cash.
With a new OTP based ATM cash withdrawal, it is expected that ATM frauds will sdtop.
Rules For OTO Cash Withdrawal
To start with OTO based ATM cash withdrawal will only work for those transactions, which are Rs 10,000 and above.
Besides, such OTP transactions will only be allowed between 8AM to 8PM, only at SBI ATMs.
Bank users from other banks cannot use this OTP based cash withdrawal, and likewise, SBI users cannot use this facility at other bank’s ATM.
We will keep you updated, as more details come in.