In the last few years, the number of fraud cases by changing ATM cards has increased. To curb such cases, banks are providing several options to withdraw money from ATM without card.
These options also include withdrawal of money from ATMs through One Time Password (OTP). For this, it is necessary to register the mobile number in the bank account. If the mobile is not registered with the bank account, then the benefit of this facility will not be available. The reason for this is that the OTP is sent to the registered mobile number only. Through this facility, the consumer can withdraw Rs 10,000 or more at a time.
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Many banks are providing the facility of withdrawal of money from OTP based ATMs, many banks including State Bank of India (SBI) are offering. Under this facility, the customer has to enter the PIN of the debit card or ATM card along with the OTP sent to the registered mobile number for withdrawal. This OTP is of four digits. SBI is providing this facility from January 1, 2020.
Here is the process of SBI
First of all, you have to choose the option of OTP based withdrawal at SBI ATM machine.
Now a four digit OTP will come on your mobile number.
This OTP will be valid for one time transaction only.
Once you have entered the withdrawal amount, the option to enter OTP will appear on the screen of the ATM machine.
Now you have to enter four digit OTP and debit card PIN.
OTP and Debit Card PIN are verified, the money will come out of the machine.