State Bank of India (SBI) will be introducing one time password (OTP)-based cash withdrawal system at all its ATMs from 1st January 2020. SBI's new OTP-based cash withdrawal system will be applicable for transactions above ₹10,000 between 8pm and 8am. SBI informed its customers about the new facility through a 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," SBI tweeted.
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.
-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 new facility for cash withdrwal at SBI ATMs will not require any major change in the present process. However, this facility will not be applicable for transactions, where a SBI card holder withdraws cash from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS).
Till now, SBI customers could simply walk into any ATM and withdraw cash by just entering the password of the card. This added facility will safeguard the customers against the risk of unauthorized transactions on account of skimmed / cloned cards, while withdrawing cash at SBI ATMs.
SBI offers seven types of ATM-cum-debit cards to its customers.These SBI ATM cards enable customers to make cash withdrawals up to a certain limit. The bank has also set certain charges for services such as issuance of the ATM-cum-debit cards.