State Bank of India (SBI) has extended its OTP-based cash withdrawal service to 24×7. Withdrawal of Rs 10,000 and above across all SBI ATMs in the country through OTP authentication has been extended to throughout the day effective September 18, 2020. For withdrawing Rs 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.
Note that in order to safeguard their customers from fraudsters and scammers, SBI had introduced OTP based cash withdrawals of above Rs 10,000 between 8 pm-8 am through SBI ATMs from January 1, 2020. The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.
“With the introduction of 24×7 OTP-baased 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,” SBI said in a statement.
Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP and they are required to enter the same received on their registered mobile number in order to proceed with the withdrawal. The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality at non-SBI ATMs has not been developed in National Financial Switch…..Read More>>