Withdrawing more than Rs 10,000 from SBI ATM? Don't forget to carry your mobile

Withdrawal of more than Rs 10,000 from an SBI ATM will have two-factor security authentication (Debit card pin and OTO) with effect from September 18, 2020. The initiative has been taken to minimise the risk of frauds and unauthorised transactions.

Agencies
Remember, OTP-based cash withdrawal facility is available only at SBI ATMs.
The State Bank of India (SBI) announced via press release dated September 15, 2020 that it is extending its one-time password (OTP) based cash withdrawal facility for transactions above Rs 10,000 throughout the day across all its ATMs. This will be available from September 18, 2020, the bank stated in a press release.

At present, this extra level of security is available for transactions at SBI ATMs between 8 PM and 8 AM.

According to the press release, this initiative aims at safeguarding customers from frauds and minimising unauthorised transactions, it stated.


As per the bank's press release, "For withdrawing Rs 10,000 and above, SBI debit cardholders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time."

The bank has also asked its customer to ensure that their correct mobile numbers are updated in the bank's records to ensure smooth completion of transactions.

How will the process work?
Once a customer enters the amount they want to withdraw, the ATM screen will ask for the OTP which s/he would have received on her/his registered mobile number.

Remember, OTP-based cash withdrawal facility is available only at SBI ATMs. This functionality at non-SBI ATMs has not been developed in the National Financial Switch (NFS). Usually, withdrawal from another bank ATM is capped at Rs 10,000.

Why this decision was taken
"With the introduction of a 24x7 OTP-based cash withdrawal facility, SBI has further strengthened 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", said the bank.

Recently, the bank started a facility wherein whenever an SBI customer checks his/her bank account balance via an ATM, an SMS will be sent to the customer to inform him/her about such request.
ADVERTISEMENT
Download
The Economic Times Business News App
for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App
for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
READ MORE
ADVERTISEMENT

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

Related Companies

More from our Partners

Loading next story
Text Size:AAA
Success
This article has been saved

*

+