SBI New Rule: If your account is in State Bank of India (SBI), then this news is of great use to you. Actually SBI has made major changes in the rules to make its ATM transactions more secure. In such a situation, if you do not want to get into any trouble while withdrawing money from ATM, then it is very important for you to know these rules.
Actually the bank has decided that now all the account holders of SBI will be able to withdraw money from ATM only on the basis of OTP. In such a situation, whenever you withdraw money from ATM, the bank will first send OTP to your mobile number, which will be able to withdraw your cash only after entering it in the machine.
The bank tweeted the information
SBI has given this information by tweeting. In the tweet, the bank said, ‘Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting customers from fraud is the top priority of the Bank.
Rules will be applicable for withdrawal of Rs 10,000 and above
The bank has told that OTP rules will be applicable only on withdrawal of 10 thousand or more amount from ATM. You will not have to enter any OTP for withdrawing amount 9999 or less.
Know the process here
- Whenever you go to withdraw 10 thousand or more cash at SBI ATM, OTP will be required.
- OTP will be sent on the registered mobile number of the customer only.
- 4 digit OTP will be valid only for single transaction.
- When you enter 10 thousand or more amount in the ATM machine, then you will get a message to enter OTP on the ATM screen.
- The amount will be withdrawn only after entering the 4 digit OTP received on the registered mobile number.
Why was it needed?
The bank has taken this step to protect the customers from fraud. The country’s largest public sector bank SBI has the largest network of 22,224 branches and 63,906 ATM/CDM with 71,705 BC outlets in India. About 91 million and 20 million customers of the bank use internet banking and mobile banking.
