Country’s largest lender State Bank of India (SBI) had introduced an OTP-based cash withdrawal for a sum of Rs 10,000 and above from January 1, 2020. However, there was a timing for such withdrawals and that was between 8 PM – 8 AM through SBI ATMs only.
But from September 18, 2020, the bank is making this facility 24x7. The bank feels that through this service it is further strengthening the security level in ATM cash withdrawals. “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,” the bank said in its statement.
C S Setty, MD (Retail and Digital Banking), SBI, said, “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24x7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”
How does it work?
SBI debit cardholders along with debit card PIN will also have to enter an OTP sent on their registered mobile numbers.
This service is only available for cash withdrawal of Rs 10,000 and above and only at SBI ATMs in the country.
Only one transaction is valid for one OTP.