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New Delhi: India’s largest lender State Bank of India (SBI) has recently launched a one-time password (OTP) based cash withdrawal service at ATMs to protect its customers against fraudulent transactions, and other banks are expected to adapt the new method of cash withdrawals soon. The method provides an extra layer of protection against unauthorized transactions.Also Read – SBI Launches SBI WhatsApp Banking Services: Here’s How to Check Account Balance, Other Details
Now, SBI customers now have to enter a 4-digit one time password during the cash withdrawal at ATMs to complete the transaction. The system generated OTP is sent on the registered mobile number of the customer. The OTP authenticates the cash withdrawal and it is valid for only one transaction. Also Read – ITR Filing 2022: Taxpayers Can File Income Tax Return Through SBI’s YONO App | Check Step-by-step Guide
SBI had launched the OTP-based cash withdrawal services on January 1, 2020 and since then it has been appealing all its customers to avail the service. The lender is also creating awareness about ATM frauds from time to time through social media and other platforms. Also Read – SBI Hikes Lending Rates From Today, Loan EMIs To Go Up. Check Latest Interest Rates
The OTP is needed for SBI customers withdrawing Rs 10,000 or more in one transaction at ATMs to complete the transaction.
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How to withdraw cash using OTP:
- Customer will need to have their debit card and mobile phone with registered mobile number with them while withdrawing cash.
- Once the customer inserts their debit card and enter the ATM PIN along with the withdrawal amount, they will be asked for the OTP
- They will receive the OTP on their registered mobile number via SMS
- Customer will have to enter their OTP on the ATM screen
- The transaction will be completed once you enter the valid OTP
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