State Bank of India (SBI) is increasing one-time password (OTP)-based cash withdrawal for ₹10,000 and more all round the day across all its ATMs branches in the country. This will be functional from today that is September 18. Thus henceforth, one is heading towards an SBI ATM for withdrawing cash of ₹10,000 or more, carrying mobile with them has become obligatory as to enter the OTP code that you will receive by the bank on the registered mobile number.
However, if one fails to do so, the transaction will get canceled. Currently, this extra level of security is available for transactions at SBI ATMs between 8 pm and 8 am. The official twitter handle of the SBI tweeted that “Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24×7 for amount ₹10,000 and above from 18.09.2020.”
SBI statement reads, “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.”
The prime motive to commence such a facility is to prevent SBI debit cardholders from the risk of getting trapped into fraudsters scam, unauthorized withdrawals, card skimming, card cloning. The bank has also asked all its clients to register or update their mobile numbers if they haven’t done so.
The step by step guideline for the new OTP based system is as follows:
- To withdraw cash at SBI ATMs, henceforth customer will need an OTP
- One will receive OTP on their registered mobile number.
- OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.
- Once you enter the amount that you wish to withdraw, the ATM screen will display the OTP screen.
- Now, you will have to enter the OTP received on your mobile number registered with the bank on this screen for getting the cash.
The OTP-based cash withdrawal facility will be available only at SBI ATMs as this system has not been developed and commenced yet at non-SBI ATMs in National Financial Switch (NFS), the bank said.