SBI ATM cash withdrawal: New rules from today. Details explained here
State Bank of India (SBI) has implemented a one-time password (OTP)-based cash withdrawal program for its ATMs, taking into account the increasing instances of ATM-related fraud. Starting today, 1 January 2020, SBI’s OTP-based ATM cash withdrawal facility has entered the network. The largest lender in the country told customers through a tweet about the new ATM withdrawal facility. The bank said this facility will be available between 8 p.m. and 8 a.m. for transactions of some 10,000. From now on, if you plan to take cash out of SBI ATM after 8 in the night, don’t forget to take your phone with you, because without your mobile phone you won’t be able to do that.
With regard to OTP-based withdrawal, you will need the one-time password that will appear on your mobile registered with the bank.
How will SBI customer withdraw cash via OTP In this process, once the cardholder enters the sum they wish to withdraw, the ATM screen will show the OTP key. In order to receive the cash, SBI customers will need to input/punch the received OTP on their mobile number registered with the bank on this computer. The facility will not require any major change in the present process to withdraw cash from SBI ATMs.
SBI OTP-based ATM transaction not applicable to other bank ATMs This facility will not be applicable to transactions from another bank’s ATM because the National Financial Switch (NFS) has not established this technology. NFS is the country’s largest interoperable ATM network and handles over 95% of domestic interbank ATM transactions. This additional authentication component would protect SBI customers against unauthorized ATM cash withdrawals.
SBI customers have been able to simply reach the ATM and withdraw cash by entering their PIN so far.
When fraudulent ATM cash withdrawals are on the rise, more banks are likely to follow suit. The banks are now alerting customers when money is debited from their account through SMSes.
