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24×7 OTP-based cash withdrawal at SBI ATMs

The bank had introduced OTP-based cash withdrawals of above Rs 10,000 from 8 pm to 8 am through SBI ATMs from January 1.

By: ENS Economic Bureau | Mumbai | September 16, 2020 3:05:17 am
SBI debit card holders will now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time, the state-owned bank said. (File)

State Bank of India (SBI) has decided to introduce OTP-based cash withdrawal for Rs 10,000 and above throughout the day across all SBI ATMs in the country with effect from September 18, 2020.

The bank had introduced OTP-based cash withdrawals of above Rs 10,000 from 8 pm to 8 am through SBI ATMs from January 1. SBI debit card holders will now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time, the state-owned bank said.

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, it added.

The one time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs, it said. C S Setty, MD (retail & digital banking), SBI, said, “With the enablement of 24×7 OTP authenticated ATM withdrawals … customers will have a secured and risk-free cash withdrawal experience.”

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