The largest public sector bank in the country, State Bank of India (SBI) has announced that it will change the cash withdrawal facility rules from September 18. As per the new announcement, SBI will change rules for the OTP-based cash withdrawal for ? 10,000 and above.
SBi has informed that it is extending OTP-based cash withdrawal for ? 10,000 and above throughout the day across all SBI ATMs in the country. This will be effective from September 18, 2020. For withdrawing ? 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.
SBI had introduced OTP based cash withdrawals of above ?10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 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,” SBI said in a statement.
How the OTP-based withdrawal facility works?
Once customers enters the amount they wish to withdraw, the ATM screen will display the OTP window. Here, they will have to enter an OTP sent on their registered mobile number.
However, it should also be noted that the facility is currently available only at SBI ATMs. This is because this functionality has not been developed for the National Financial Switch (NFS), which is the largest interoperable ATM network in the country.