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Home >Money >Personal Finance >SBI makes online banking safe with OTP-based login for every transaction. Here is how

State Bank of India (SBI), has come up with One Time Password (OTP) to make customer's transactions safer. To ensure the high safety and security of your account, this OTP based password add another layer of security to your account. "SBI makes online banking safer with our OTP based login for added security. Now bank carefree from the comfort of your home," the country's top lender said in a tweet.

If you want an alert on your mobile phone for every transaction, you need to set a high-security password (OTP) for your SBI account.

How to set a high-security password in SBI

1) Log in to the SBI’s online website with your username and password.

2) Click on ‘My accounts & profile’.

3) Click on ‘High-Security Password’ link and using the Profile Password, go to the next page.

4) On the next page, you will be shown a few security options as given below.

  • Transactions which consist of intra or inter-bank beneficiary payment, credit card or IMPS or international fund transfer.

In case you select 'Yes' you will be getting OTP for all the transactions. In case you select ‘No’ you will not be getting OTP for transactions up to 10,000 done cumulatively during a day.

  • Transactions that are done at Merchant establishments.
  • Now, you need to select through what mode you would prefer to get an OTP -SMS, SMS and email, State Bank Secure OTP (Mobile App).

A high-security password using the OTP method will help you to keep a tab on your bank account transactions.

SBI OTP-based ATM cash withdrawal facility allows customers to withdraw 10,000 and above from its ATMs by entering an OTP sent on their registered mobile number, along with their debit card PIN each time. Active since January 1, 2020, for the purpose of extra security, this service is available throughout the day from September 2020.

The country's largest lender has launched a video KYC (know your customer) based savings account opening feature on its mobile banking app, Yono. The initiative, powered by artificial intelligence and facial recognition technology, is a contactless and paperless process, the bank said in a release

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