The State Bank of India (SBI) has introduced new guidelines on cash withdrawal by its clients having OTP based mostly ATM playing cards. SBI has extened the time for the OTP-based cash withdrawal from its ATMs. The cash withdrawal facility for the SBI clients will now be out there all through the day for transactions of Rs 10,000 and above from September 18. In January, the lender had launched OTP-based cash withdrawals for above Rs 10,000 between eight PM–eight AM by way of all its ATMs.
SBI extends time limit for OTP-based ATM withdrawal facility | All that you must know
- For withdrawals of Rs 10,000 and above, the financial institution’s debit cardholders will now must enter OTP (one-time password) despatched on their registered cell numbers together with their debit card PIN every time, a launch stated.
- “With the enablement of 24×7 OTP authenticated ATM withdrawals, we believe SBI customers will have a secured and risk-free cash withdrawal experience,” the financial institution’s managing director (retail and digital banking) CS Setty stated.
- Implementing this facility all through the day would forestall SBI debit cardholders from the danger of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes, the discharge stated.
- The lender has urged all its clients to register or replace their cell numbers.
- The OTP-based cash withdrawal facility is accessible solely at SBI ATMs as this performance has not been developed at non-SBI ATMs in National Financial Switch (NFS), the financial institution stated.
- OTP is a system-generated numeric string of characters that authenticates the person for a single transaction.
- Once clients enter the quantity they want to withdraw, the ATM display screen will ask for OTP the place they’d be required to enter the identical acquired on their registered cell quantity.
- The financial institution has the most important community of over 22,000 branches in India with an ATM/automated deposit cum withdrawal machine (ADWM) community of over 58,000 and complete BC shops of greater than 61,000.
(With PTI Inputs)