SBI to launch new method for ATM cash withdrawal from January 1
In order to stop unauthorised transactions, State Bank of India (SBI) is introducing OTP (One Time Password) based cash withdrawal system. The new method will come into force in all SBI ATMs in the country from January 1, 2020 onwards.
Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs. To know more: https://t.co/nIyw5dsYZq#SBI #ATM #Transactions #SafeWithdrawals #Cash pic.twitter.com/YHoDrl0DTe— State Bank of India (@TheOfficialSBI) December 26, 2019
Points to remember
- OTP based withdrawal system will be applied during the hours between 8 pm and 8 am.
- OTP will be sent to the mobile number registered in the bank. This can be used for withdrawing money.
- Other procedures to withdraw cash has not been changed.
- After the required amount is entered on the screen, customer will receive an OTP on phone. Enter the OTP on the screen to get the cash.
- The new method is for withdrawing amount above Rs 10,000.
- OTP will not be asked while withdrawing cash from other bank ATMs.
- The new system will help prevent use of cloned cards by frauds.