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SBI Customers alert! Withdrawing cash of Rs 10,000 and above? Know this ATM rule
India`s largest public sector lender State Bank of India (SBI) has constantly been bringing a host of convenient and safe features for customers from time to time that takes care of their financial needs and also protects them from the fraudsters.
Highlights
- OTP based cash withdrawal is safe and convenient.
- It puts in place an additional factor of authentication.
- SBI card holders protected from unauthorized ATM cash withdrawals.
New Delhi: India’s largest public sector lender State Bank of India (SBI) has constantly been bringing a host of convenient and safe features for customers from time to time that takes care of their financial needs and also protects them from the fraudsters.
One such safe and convenient service is SBI’s OTP-based ATM cash withdrawal that puts in place an additional factor of authentication. This additional safety process protects SBI card holders from unauthorized ATM cash withdrawals. SBI’s OTP-based ATM cash withdrawal is applicable for withdrawal of cash of Rs 10,000 and above.
SBI, which is very active on social media has also been reminding the customers regarding all its initiatives that aim at protecting them against fraudsters. In its recent tweet last week, SBI said, "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."
How does OTP-validated ATM transaction work?
The OTP-validated ATM transaction was introduced in 2020 to minimise the number of unauthorised transactions.
With the introduction of its OTP-based cash withdrawal facility, State Bank of India had added another layer of security for cash withdrawals through its ATMs service.
OTP would be received on the customer’s mobile number registered with the bank. This additional factor of authentication protects State Bank card holders from unauthorized ATM cash withdrawals
Who can avail SBI OTP-based ATM cash withdrawal services?
This facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another bank's ATM. It is because this functionality has not been developed in National Financial Switch (NFS), as per SBI. NFS is the largest interoperable ATM network in the country and it manages more than 95 per cent of the domestic interbank ATM transactions.
How to withdraw money using SBI OTP-based ATM cash withdrawal Service?
Once the cardholder enters the amount he/she wishes to withdraw, the ATM screen displays the OTP window.
The customer has to enter the OTP received on the registered mobile number to complete the transaction.
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