To avoid ATM card fraud, State Bank of India (SBI) offers its customers the facility of OTP based ATM cash withdrawal. This facility is available for withdrawal of Rs.10,000 and above. This facility allows SBI customers to withdraw ₹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. This feature is active from 1st January 2020.
SBI in a tweet said, “Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority. ”
Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority.#SBI #StateBankOfIndia #ATM #OTP #SafeWithSBI #TransactSafely #SBIATM #Withdrawal pic.twitter.com/uCbkltrP8T
— State Bank of India (@TheOfficialSBI) October 24, 2021
How OTP based cash withdrawal system works
- You will need an OTP to withdraw cash from SBI ATM
- An OTP will be sent to your registered mobile number.
- OTP is a four digit number that authenticates the user for a single transaction.
- Once you enter the amount you want to withdraw, you will be asked to enter the OTP on the ATM screen.
- Now you have to enter the OTP received on your mobile number registered with the bank in this screen to receive the cash.
- This additional function of authentication will protect State Bank cardholders from unauthorized ATM cash withdrawals.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and employees. SBI has the largest network of 22,224 branches and 63,906 ATM/CDM with 71,705 BC outlets in India. The number of customers using Internet Banking and Mobile Banking is 9 crore 10 lakh and 20 million respectively.
