State Bank of India (SBI) customers can take advantage of the bank’s one-time password (OTP) based cash withdrawal facility which protects them from unauthorized transactions at ATMs. OTP is a four digit number that authenticates the user for a single transaction.
This facility allows SBI customers to withdraw 10,000 and above from ATMs every time by entering the OTP sent to their registered mobile number along with their Debit Card PIN. This feature is active from 1st January 2020.
“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.” State Bank Of India tweeted.
Here is how the OTP based cash withdrawal system works:
To withdraw cash from SBI ATM, you will need an OTP
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 have entered the amount you wish to withdraw, the ATM screen will display the OTP screen.
Now, you need to enter the OTP received on your mobile number registered with the bank on this screen to receive the cash.
To prevent frauds, the Reserve Bank of India (RBI) on Friday decided to allow all banks to start cardless cash withdrawal through ATM. “It is now proposed to provide cardless cash withdrawal facility across all banks and ATM networks using UPI. Apart from enhancing the ease of transactions, the absence of the need for a physical card for such transactions will help prevent frauds.” in the form of card skimming, card cloning etc,” RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review.
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