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SBI Change ATM Withdraw Process: State Bank of India has now changed the method of withdrawing cash from ATM. Now SBI has started OTP service to withdraw cash from ATM. The bank has made this big change to protect its customers from fraud. Soon this rule will be seen applicable on SBI ATMs. This rule will act as an additional safeguard against unauthorized transactions.
According to the bank, while completing the transaction, the bank customers will have to share the OTP while withdrawing cash from the ATM, so that it is ensured that the ATM user is the right user. OTP is a system-generated four-digit number that the bank will send to the customer’s registered mobile number. This OTP will authenticate the cash withdrawal and will be valid for only one transaction.
OTP cash withdrawal started from January 1, 2020
The country’s largest lending bank SBI had started OTP-based cash withdrawal services from January 1, 2020. SBI has been creating awareness about ATM frauds through social media and other platforms from time to time. It is appealing to all its customers to avail the service.
OTP will be required in transactions of 10 thousand or above
Now this service will come in handy for SBI customers at the time of withdrawing cash from ATMs. SBI made these rules in view of the increasing fraud, cyber crime. Let us tell you that customers withdrawing Rs 10,000 or more in a single transaction from SBI ATMs will require OTP to complete the transaction.
Withdraw cash using OTP
You must have your Debit Card and Mobile Phone while withdrawing cash from SBI ATM OTP will come Enter the OTP received on your phone on the ATM screen After entering the valid OTP, the transaction will be completed
The country’s largest public sector bank, the State Bank of India (SBI), has implemented a one-time password-based (OTP-based) cash withdrawal service. In a bid to protect the customers against ATM frauds, a withdrawal of or more than Rs 10,000 will now be possible only by entering the OTP in the ATM.
If the OTP sent to the customer and the OTP entered by the one withdrawing money does not match, the ATM will not dispense any cash. Also, the OTP sent to the accountholder’s mobile number will only be valid for one transaction.
The OTP-based withdrawal was launched by SBI originally on January 1, 2020. Several other banks are expected to follow suit.