Mumbai: State Bank of India, India’s largest lender, has extended OTP-based cash ATM withdrawal for Rs. 10,000 and above throughout the day across all SBI ATMs in the country starting 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.
The bank had introduced OTP based cash withdrawals of above Rs. 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020.
Your transactions at SBI ATMs are now more secure than ever.
— State Bank of India (@TheOfficialSBI) September 15, 2020
With the introduction of 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 OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. 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 (NFS).
“SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24×7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience” C S Setty, MD (Retail & Digital Banking), SBI.