New Rules For SBI ATM Cash Withdrawal Facility From Today

18 Sep, 2020 08:54 IST|Sakshi Post

Customers of the State Bank of India (SBI) will be able to use the one-time password (OTP) based cash withdrawal facility though out the day from today, (September 18th).

India's biggest lender SBI in a statement said that, "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."

SBI customers will now be able to withdraw Rs 10,000 or above after an OTP verification through out the day. The bank had permitted customers to use this facility in January from 8 PM to 8 AM.

A State Bank cardholder can't use this facility from the ATMs of another bank. According to SBI, this functionality has not been developed in the National Financial Switch (NFS). NFS is the country's largest interoperable ATM network, which handles over 95% of domestic interbank ATM transactions.

A one-time password will be sent on the bank registered mobile number of the customer. This additional authentication factor is intended to protect State Bank cardholders from unauthorized ATM cash withdrawals.

After the cardholder enters the amount, the ATM screen asks for the OTP. The transaction is completed only when the customer enters the OTP on the ATM window.

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