From 1st January 2020, SBI Inaugurates OTP Based ATMs Cash Withdrawals
The State Bank Of India inaugurates a unique way of one-time password(OTP) based cash withdrawals at all its ATMs. This new way of cash withdrawal system will come into existence from 1st January 2020 onwards. The main purpose of introducing the OTP based cash withdrawal system to save you from unauthorized transactions at ATMs. SBI’s OTP-based cash withdrawal facility will be applicable for transactions above Rs 10,000.
Here are the few steps to understand about SBI OTP based cash withdrawal system
- The user will receive an OTP on his/her registered mobile number with the bank. The OTP is in the form of a numeric string of characters that verifies the user for a single transaction.
- There will be no major change in the present process to withdraw cash from SBI ATM’s.
- This facility will not apply for transactions from other bank ATMs. Because this functionality has not been developed in the National Financial Switch(NFS).
- During this process, an OTP screen displayed on the ATM screen when the cardholder enters the amount that they would like to withdraw.
- For withdrawing the cash the SBI customers have to enter the OTP.