SBI to switch to OTP based cash withdrawal at ATMs from Jan 1

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MUMBAI: Bank customers are required to carry their mobile to withdraw money from ATMs of State Bank of India (SBI) from January 1, 2020.

 

The ATMs will dispense cash only after the customer feed the one-time password (OTP) sent to their mobile number registered with the bank for any transaction above Rs.10, 000.

The state-owned bank said they are switching to OTP based cash withdrawal system at all its ATMs to ensure the protection of its customers from unauthorised transactions at ATMs.

"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," SBI said in a tweet.

However, the facility won't apply in case of transactions made by SBI card holders at any other bank's ATM. Bank officials have clarified that the new OTP-based ATM withdrawal will be applicable for between 8 pm to 8 am.

With the introduction of its OTP-based cash withdrawal facility, SBI ATMs have added another layer of security for cash withdrawals, and this will protect SBI cardholders from unauthorised ATM cash withdrawals.

Image Credit: Zee News

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