In order to curb the fraud, the State Bank of India has made OTP is Mandatory For SBI ATM Cash Withdrawal. All the Cash Withdrawal using SBI Debit Card will required the one-time password (OTP) for cash transactions above Rs 10,000 throughout the day across all its ATMs.
This will be available from September 18, 2020. At present, this extra level of security is available for transactions at SBI ATMs between 8 PM and 8 AM.
As per the bank’s press release, “For withdrawing Rs 10,000 and above, SBI debit cardholders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time. With the introduction of a 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and the likes”, said the twitter page of the bank.
How to use OTP to withdraw Cash From SBI ATM ?
- Once a customer enters the amount they want to withdraw, the ATM screen will ask for the OTP which s/he would have received on her/his registered mobile number.
- Remember, OTP-based cash withdrawal facility is available only at SBI ATMs.
- This functionality at non-SBI ATMs has not been developed in the National Financial Switch (NFS).
- Usually, withdrawal from another bank ATM is capped at Rs 10,000.
- The bank has also asked its customer to ensure that their correct mobile numbers are updated in the bank’s records to ensure smooth completion of transactions.