SBI extended their OTP based cash withdrawal facility to 24 hours 7 days or amount of Rs10,000 and above from tomorrow. In order to withdraw cash at SBI ATMs, you will need to enter OTP
State Bank of India extended their one-time password (OTP)-based on cash withdrawal services of Rs ₹10,000 and above throughout the day and across all ATMs of country. This change will be in effect from tomorrow onwards (September 18). When next time you are going to the SBI ATM for withdrawing ₹10,000 or more than to it, do not forget to carry your mobile with you. As you will need to enter the OTP sent by the SBI bank on your registered mobile number. If you forget to take your phone with you and fail to do so, then your transaction will get cancelled. Currently this level high security is available for SBI Atm's transactions between 8pm to 8am daily.
"Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24x7 for amount ₹10,000 and above from 18.09.2020," country's topl lender tweeted.
"With the introduction of 24x7 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," SBI said in a statement.
Implementation of this kind of facility throughout the day will prevent the SBI debit cardholders from the risk of frauds, unauthorized withdrawals, card skimming, card cloning activities. SBI has also request to it's all customers to register or update their mobile numbers if they have not yet done so.
Steps to withdraw Cash at SBI ATMs with new OTP system:
- In order to withdraw cash at SBI ATMs, you will need an OTP
- OTP will be sent to your registered mobile number.
- When you enter the amount that you want to withdraw, the ATM screen will display the OTP screen.
- When you entered the received otp to Atm, OTP authenticates the user.
- To getting cash from Atm machine you need to enter the received otp into the ATM machine.
- This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals.
- The OTP-based cash withdrawal facility is right know available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS), the bank said.
This SBI initiative protect their debit card users from the ATM frauds which have been on the rise. The bank had alerted its customers to be cautious and not to ignore SMS alerts regarding balance inquiry or mini-statement when the request is not initiated by them.
Source: https://bit.ly/3ceovEn
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