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Thursday, December 8th, 2022
SBI ATM cash withdrawal new rules from today: All you need to know

SBI ATM cash withdrawal new rules from today: All you need to know

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By Administrator_India

Capital Sands

State Bank of India (SBI), from September 18, is extending OTP-based cash withdrawal for Rs 10,000 and above throughout the day across all SBI ATMs in the country.

For withdrawing Rs 10,000 and above, SBI debit cardholders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time, the bank said. So, the next time you are heading towards an SBI ATM for withdrawing Rs 10,000 or more, do remember to carry your mobile with you.

“Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24×7 for amount Rs 10,000 and above from 18.09.2020,” country’s top lender tweeted.

“With the introduction of a 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and the likes,” the bank said in a statement.

With an aim to reinforce its ATM security system and safeguard customers, SBI introduced OTP based cash withdrawals of above Rs 10,000 between 8 PM – 8 AM through SBI ATMs from January 1.

Here is how to withdraw cash at SBI ATMs through OTP-based system

– In order to withdraw cash at SBI ATMs, you will need an OTP.

– OTP will be sent to your registered mobile number.

– OTP is a system-generated 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.

– Now, you will have to enter the OTP received on your mobile number registered with the bank in this screen for getting the cash.

– This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals.

– The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch , the bank said.

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