Here's what you need to know about SBI ATM cash withdrawal rules
Keeping in account the security of customer’s money and the recent incidents of ATM fraud, State Bank of India has introduced a One Time Password Cash Withdrawal system for its all ATMs at night, which has come into force from 1st January of 2020.
According to the SBI, customers now will have to enter the One Time Password, sent in their registered mobile number, each time while withdrawing amount of 10,000 or more during 8pm to 8 am (next day).
“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.
What is OTP?
A one-time password (OTP), also known as one-time pin or dynamic password is a password that is valid for only one login session or transaction, on a computer system or other digital device.
How to use the received OTP?
1. Enter the card and in ATM and proceed as usual
2. Once the cardholder enters the amount he would like to withdraw, the ATM screen will ask for the OTP, sent at the registered mobile number. (Only if amount greater than 10,000)
3. Cardholder has to type the received OTP in ATM screen following which the machine will disburse the cash.