OTP Mandatory For Using SBI Internet Banking: OTP For Login, All Transactions & More

SBI had made OTP mandatory for customers logging in to their accounts online, in a move aimed towards making online banking safe.

OTP Now Mandatory For Log-Ins

After entering their username and password, an extra layer has now been added in which account holders will have to enter an OTP as sent to their phone numbers. 

The country’s largest public-sector lender issued a tweet saying that “SBI makes online banking safer with our OTP based login for added security. Now bank carefree from the comfort of your home.”

Anti-Fraud Measure

SBI seeks to act against cybercrimes such as digital frauds by preventing unauthorised persons gaining illegal access to an account that they do not own. 

Adding the additional layer of an OTP ensures that only those can log into their accounts online who actually have their mobile numbers registered along with their bank account. 

An OTP is also required for performing online transactions through NEFT/RTGS/IMPS.

SBI Uses AI And Facial Recognition Tech

A notable innovation was achieved by the bank when it launched a feature allowing customers to complete KYC formalities via video on its Yono mobile banking app. 

The feature is supported by artificial intelligence and facial recognition technology which empowers digital consumers to open savings accounts in a novel manner that is paperless and contactless. 

In Order To Virtually Open A Savings Account With SBI

• Download and install the Yono SBI app
• Select “New to SBI”
• Click on  “Open Savings Account” -> “Without branch visit” -> “Insta Plus Savings Account”
• Customers need to supply their Aadhaar card details. 

Upon successful authentication of the same, further personal details need to be entered. 

A video call will then have to be scheduled which concludes the KYC procedure.

Open New SBI Account Without Visiting Any Branch With Video KYC: How It Works?