Big Change In SBI ATM Cash Withdrawal Rules: OTP Needed Every Time For These Transactions
The State Bank of India will now be extending OTP based cash withdrawals for Rs. 10000 and more across all the SBI ATMs in India. Also, this new facility will be open throughout the day at any ATM of the SBI.
Read on to find out all the details about SBI’s new development.
SBI ATM To Ask For OTP For Cash Withdrawal Of Rs. 10,000 Or More
India’s largest vendor, SBI, will now be extending the OTP based cash withdrawal for an amount of Rs. 10,000 and more. This will be available across all the ATMs of SBI throughout the entire country.
This will be put in effect starting from September 18.
From January 1, 2020, SBI had implemented the OTP based cash withdrawal system for cash transactions of Rs. 10000 or more. However, it was limited for a time period between 8 am to 8 pm only. And now, the lender has extended this facility for the entire day.
In simple words, along with the debit card PIN, the SBI debit card holders will now have to input the OTP sent to their registered mobile numbers for removing Rs. 10000 or more from their accounts.
SBI Taking Precautions To Protect People From Falling Prey To Fraudsters
In a statement, the SBI said that SBI wants to strengthen the security level in ATM cash withdrawals. The lender feels that implementing this facility for the entire day would protect SBI debit card holders from the being victims of “fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.”
C S Setty, MD (Retail & Digital Banking), SBI, said, “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24×7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”
When an SBI card holder wants to withdraw any amount from their account through an ATM, they will have to put in an OTP (One Time Password) on the ATM screen. This OTP will be sent to the mobile number that has been registered with the bank account.