Taking into consideration the rising incidents of ATM-related frauds, State Bank of India has introduced one-time password-based cash withdrawal from its ATMs. The initiative came into effect from January 1, 2020.
SBI, India’s largest public sector bank, took to Twitter to inform its customers about the new ATM withdrawal facility.
ATM cash withdrawals now made even safer, with the OTP-based authentication process from #SBI, in effect from 1st January, 2020! Register your mobile number at the nearest SBI branch or ATM to benefit from this service.#SafeBankingInitiative #ATM #Cash #OTP #NewYear2020 pic.twitter.com/BOIHssxVMy— State Bank of India (@TheOfficialSBI) January 1, 2020
A customer can avail of the new facility if he/she makes transactions above Rs 10,000 between 8 pm and 8 am. The customers should not forget to take their phones with them if they are going to withdraw money above Rs 10,000 from ATM after 8 pm as they will get an OTP on their mobile number.
“In order to protect you from unauthorized transactions at ATMs, we are introducing an OTP based cash withdrawal system. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs from 8 PM to 8 AM,” SBI said in a tweet.
As per the rule, once the customer enters the withdrawal amount, he/she will receive an OTP on his/her number. He will only be able to withdraw the amount after he enters the OTP.
SBI’s new facility can only be availed at its ATMs. Customers will not receive the OTP if they use another bank’s ATM as this feature has not been developed in the National Financial Switch (NFS), largest interoperable ATM network in India.
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