All about SBI’s OTP based cash withdrawal
New Delhi, Dec 27: The State Bank of India will introduce a new feature that would help protect its customers from unauthorised cash transactions at ATMs.
Starting January 1, 2020, cash withdrawals would be OTP based. The OTP based cash withdrawals would be active between 8 am and 8 pm across all SBI ATMs.
Introducing the OTP-based cash withdrawal system to help protect you from unauthorised transactions at ATMs. This new safeguard system will be applicable from 1st January, 2020 across all SBI ATMs, SBI said in a tweet.
This OTP based cash withdrawal would be applicable to all transactions above Rs 10,000.
All you need to know about SBI's OTP based cash withdrawal.
- The OTP will be received on the mobile number of the customer registered with the bank.
- The facility is not applicable for transactions from another bank.
- When a customer withdraws cash above Rs 10,000 he or she will receive an OTP on the mobile number.
- The OTP would have to be entered on the ATM screen.