State Bank of India (SBI) has launched One-Time Password (OTP) based cash withdrawal service to protect its customers from fraudulent ATM transactions.
Soon many banks are expecting to switch to this method for cash withdrawal from ATMs.
This will serve as an additional layer of security against unauthorized transactions. According to SBI, customers will have to enter OTP during cash withdrawal from ATMs to complete the transaction.
OTP is a system-generated four-digit number, which will be sent to the registered mobile number of the customer. The OTP will authenticate the cash withdrawal and will be valid for only one transaction.
The country’s largest lender launched OTP-based cash withdrawal services on January 1, 2020. SBI has been creating awareness about ATM frauds through social media and other platforms from time to time. It is appealing to all its customers to avail the service.
Customers withdrawing ₹ 10,000 or more in a single transaction from SBI ATMs will require OTP to complete the transaction.
How to withdraw cash using OTP:
- You must have your Debit Card and Mobile Phone with you while withdrawing cash from SBI AT.
- Once you enter your debit card and ATM PIN along with the withdrawal amount, you will be asked for OTP
- OTP will be received through SMS on your registered mobile number
- Enter the OTP received on your phone on the ATM screen
- Transaction will be completed after entering valid OTP
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