The State Bank of India (SBI) on Tuesday said it would allow its customers to make OTP- or one-time passcode-based withdrawals from their ATMs around the clock from Friday. The country’s largest bank said in its statement that OTP-based withdrawals of Rs 10,000 and above will be available from September 24 at its ATM from September 18. SBI said the move is aimed at protecting customers from fraud and reducing unauthorized transactions.
SBI started OTP-based cash withdrawals from January 1 at 12 am (8 am to 8 pm).
From September 18, this facility will be available 24 hours at all State Bank of India ATMs.
SBI said that with the introduction of the facility to withdraw cash from ATMs, security at the ATM has been strengthened.
Managing Director (Retail and Digital Banking) of State Bank of India, CS SETI said, “SBI has always been at the forefront of ensuring convenience and security to its customers through technological improvements and increased security levels.”
How to withdraw cash using OTP-based method
This facility is applicable only for SBI debit card holders withdrawing cash of Rs 10,000 and above.
For each withdrawal, the customer has to enter a debit card PIN with OTP (received on registered mobile).
Once the customer enters the withdrawal amount, the ATM will ask for the OTP. This will be sent to the customer’s registered mobile number.
This facility is available only at State Bank of India ATMs.