New Secured SBI ATM Cash Withdrawal: New Rules From Today. Know Details
Category: General news

Customers of the State Bank of India ( SBI) will be able to use the cash withdrawal facility based on one-time password ( OTP) as of today (September 18). India's largest lender SBI said in a statement, "SBI has further improved the security level in ATM cash withdrawals with the implementation of a 24x7 OTP-based cash withdrawal facility. Implementing this facility throughout the day will prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorised withdrawals, card skimming, card cloning, and the like."

SBI customers will now be able to withdraw Rs 10,000 or above after an OTP verification throughout the day. In January, the bank allowed clients to use this facility from 8 PM to 8 AM. A State Bank cardholder from another bank's ATMs cannot use this facility. In the National Financial Switch (NFS), this functionality has not been developed, according to the SBI. NFS is the largest interoperable ATM network in the world, handling more than 95 per cent of domestic inter-bank ATM transactions.

A one-time password will be sent to the customer's mobile number registered on the bank. In order to secure State Bank cardholders from unauthorised ATM cash withdrawals, this additional authentication factor is intended. The ATM screen asks for the OTP after the cardholder enters the number. Only when the customer enters the OTP in the ATM window will the transaction end.

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