SBI OTP Based Cash Withdrawal: Everyone is troubled by the frauds related to ATMs happening in the country. There are many customers with whom losses have been reached while withdrawing money from ATMs.
In such a situation, the country’s largest bank has made new changes. Now SBI has introduced OTP based transactions to make ATM transactions more secure. (SBI latest rule) Your money will never sink with this new rule. If you have gone to withdraw money from ATM, then you have to tell the OTP received on your registered mobile number. This helps you to avoid fraud.
SBI’s fraud prevention process
SBI tweeted on its official Twitter account that, ‘Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. (SBI OTP Based Cash Withdrawal) Protecting you from fraud will always be our top priority. (SBI OTP system) Let us know that what is the process of withdrawing money from ATM through secure OTP.
OTP will come on amount above Rs 10,000
If you have gone to withdraw 10 thousand rupees or more. (atm cash withdrawal rules) Only then SBI allows SBI customers to withdraw Rs 10,000 and above from their ATM every time with an OTP sent from their bank account to the registered mobile number and their Debit Card PIN. (SBI protection) This service of the bank is applicable from January 1, 2020.
Complete process to withdraw money from OTP
When you withdraw 10 thousand or more cash from SBI ATM, then 4 digit OTP number will come on your registered number. OTP is a 4 digit number used as proof. You have to enter the amount to withdraw cash from ATM, if it is more than 10 thousand then it will ask for your registered number in the bank. (sbi transaction rule) OTP will be sent from the bank on your number. Enter that OTP in the information asked by the ATM. Then your process will be completed.
SBI customers will get this facility in SBI ATM
This facility will be available only to those customers who have SBI card. Or are they withdrawing money only from SBI ATMs. (cash withdrawal new rule) The benefit of this facility is not being given by any other bank. At present, this arrangement has not been made by the National Financial Switch (NSE). Let us tell you that SBI Bank is the largest bank in the country in terms of property, deposits, branches, employees and customers.
SBI customers are in crores
SBI has the largest network of 22,224 branches and 63,906 ATM/CDM with 71,705 BC outlets in the country. (SBI alerts) The number of customers using internet banking and mobile banking are 91 million and 20 million respectively. (Safety rules of cash withdrawal from SBI ATM) This process of SBI will always protect its customers from wrong actions of fraudsters, so the bank started this process.
