OTP based cash withdrawal Facility at SBI ATM
In view of the increase in Fraudulent Activities related to ATM Card-Based Transactions, particularly during this COVID-19 Lockdown Period and in order to prevent the same from fraudsters, SBI has extended the security features of ATM cum Debit Cards with the implementation of 24 × 7 OTP-Based Cash Wiithdrawal Transaction at SBI ATM Booth throughout the day. Effective from 18th September 2020, customers while approaching SBI ATM Booth for Cash Withdrawal for an amount ₹ 10000 and above, must validate his/her transaction through OTP which will receive in Registered Mobile Number seeded with the account along with ATM PIN.
In the beginning, this OTP Based Cash Withdrawal Transaction was implemented in January 2020 which was functioning in between 8 pm to 8 am.
Transactions at SBI ATMs are now more secure than ever before as SBI extends OTP based cash wiithdrawal facility to 24×7 for amount ₹ 10,000 and above from 18th September 2020.
SBI has further strengthened the security level in ATM cash withdrawals. Implementation of this OTP-BasedCash Withdrawal Transaction will definitely reduce the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and so on.
State Bank of India (SBI), from September 18, is extending OTP-based money withdrawal for Rs 10,000 and above all through the day throughout all SBI ATMs within the nation.
For withdrawing Rs 10,000 and above, SBI debit cardholders now need to enter OTP despatched on their registered cell numbers together with their debit card PIN every time, the financial institution stated. So, the following time you’re heading in direction of an SBI ATM for withdrawing Rs 10,000 or extra, do keep in mind to hold your cell with you.
“Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24×7 for amount Rs 10,000 and above from 18.09.2020,” the nation‘s prime lender tweeted.
“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 financial institution stated in a press release