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New SBI ATM cash withdrawal rule from January 1! Do this for over Rs 10,000

SBI cash withdrawal: OTP required for over Rs 10,000
Representational Image: PTI

SBI ATM cash withdrawal: Withdrawing more than Rs 10,000 from an SBI ATM is going to be more secure from January 1. SBI customers will not be able to withdraw more than Rs 10,000 from the bank’s ATMs without providing OTPs received on their registered mobile number along with the Debit card PIN.

In a bid to ensure the safety of its customers during cash withdrawals from its ATMs, State Bank of India (SBI) has announced the launch of OTP-based ATM withdrawals above Rs 10,000. The public sector lender today said in a statement that it will introduce OTP-based cash withdrawal system across all SBI ATMs with effect from January 1, 2020. This facility will be functional between 8 P.M. to 8 A.M.

For cash withdrawals above Rs 10,000, SBI said that customers will have to put OTP-generated on their registered mobile numbers along with Debit Card PIN at SBI ATMs.

“With this facility, SBI has added another layer of safety and security in all its ATMs to minimize the number of unauthorized ATM transactions. This additional factor of authentication for ATM cash withdrawals will protect SBI debit cardholders from the risk of skimming, card cloning, etc,” the lender said.

The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction.

Not at non-SBI ATMs

SBI said that the new facility will not be applicable for cash withdrawals at non-SBI ATMs because this functionality has not been developed in National Financial Switch (NFS).

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Source: Financial Express