The State Bank of India (SBI) has recently launched OTP based ATM cash withdrawal system, which will be applicable from today, 18th September.
SBI launched this facility to protect SBI debit card holder from fraudsters.
The bank authority has extended 24×7 OTP based cash withdrawal facility for ₹10,000 and above at all SBI ATMs.
So, what is actually this new system? For withdrawing ₹10,000 or more than that, SBI cardholders now have to enter the OTP sent on their registered mobile number along with their debit card PIN as usual.
So, while withdrawing money, carrying your mobile phone is mandatory.
This new system will protect the card holders from being scammed. It will add double layer security for withdrawing money.
This process is as simple as before, just a little addition of entering OTP is there. What you have to do, to withdraw cash is-
- While withdrawing money, and OTP will be sent to your registered mobile number.
- OTP should be entered in the machine for one time withdrawal.
- Again, the PIN of debit card have to be entered.
- Then you will get access to withdraw money from card.
This facility will be available for 24×7 for safety of the cardholders.
This facility will also be available to all type of SBI card holders all across India.
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