Country's largest lender State Bank of India (SBI) will be introducing one time password (OTP) based cash withdrawal system to help protect its customers from unauthorised transactions at ATMs. The OTP-based cash withdrawal system shall be active across all SBI ATMs effective 1 January 2020 between 8 pm to 8 am. "Introducing the OTP-based cash withdrawal system to help protect you from unauthorised transactions at ATMs. This new safeguard system will be applicable from 1st January, 2020 across all SBI ATMs," SBI tweeted. SBI's OTP-based cash withdrawal facility will be applicable for transactions above ₹10,000.
Here is all you need to know about SBI's OTP-based cash withdrawal facility
1) OTP will be received on the customer’s mobile number registered with the bank. The OTP is a numeric string of characters that authenticates the user for a single transaction.
2) The facility will not require any major change in the present process to withdraw cash from SBI ATMs.
3) However, this facility will not be applicable for transactions from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS).
4) In this process, once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen.
5) SBI customers will have to input / punch the OTP received on his mobile number registered with the bank in this screen for getting the cash.
With the introduction of its OTP-based cash withdrawal facility, SBI ATMs have added another layer of security for cash withdrawals, and this will protect SBI cardholders from unauthorised ATM cash withdrawals.