New Delhi. The country’s largest bank State Bank of India makes changes from time to time. Due to which it has been bringing many convenient and secure facilities to the customers. These changes take care of the financial needs of the customer so that they are protected from fraudsters.
Changes in the process of withdrawing money from SBI ATM
One such secure and convenient service is SBI’s OTP-based ATM Cash Withdrawal which adds an additional factor of certification i.e. security. This added security process protects SBI card holders from unauthorized ATM cash withdrawals. SBI’s OTP-based ATM cash withdrawal is applicable for cash withdrawals of Rs 10,000 and above.
Know how OTP validity ATM transaction works?
OTP-based ATM cash withdrawal transactions were introduced in 2020 to reduce the number of unauthorized transactions.
With the introduction of its OTP-based ATM cash withdrawal facility, State Bank of India had added another layer of security for cash withdrawals through its ATM service.
OTP will be received on the mobile number of the customer registered with the bank. Thereby, State Bank protects its card holders from unauthorized ATM cash transactions.
Who can avail SBI OTP-validated ATM transaction services?
This facility will not be applicable for transactions where the State Bank card holder withdraws cash from the ATM of another bank, then this facility will be offered. This is because according to SBI this facility is yet to be developed in National Financial Switch (NFS) and NFS is the largest interoperable ATM network in the country and it handles more than 95 per cent of domestic interbank ATM transactions.
