SBI OTP Based Cash Withdrawal Rule: If you are going to withdraw money from State Bank of India (SBI) ATM, then this is important information for you. In view of the increasing fraud from ATM cards across the country, SBI has asked its customers to enter OTP while withdrawing money from ATMs. Actually, the bank had started OTP based transactions from January 1, 2020 to make ATM transactions more secure. Now SBI keeps on alerting customers from time to time.
What is the rule?
To avoid ATM card fraud, SBI offers its customers the facility of cash withdrawal from OTP based ATMs. This facility is available for withdrawal of Rs.10,000 and above. This facility allows SBI customers to withdraw ₹10,000 and above from their ATM every time with an OTP sent from their bank account to the registered mobile number and their debit card PIN.
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SBI tweeted
In this regard, SBI in a recent tweet said, “Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority.”
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How OTP based cash withdrawal system works
1. Firstly an OTP will be sent to the SBI customer on the registered mobile number.
2. Customer will be able to withdraw money from ATM by entering this OTP.
3. The OTP will be a four digit number that can be used for a single transaction.
4. This will protect the customer card holders from unauthorized ATM cash withdrawal.