The new ATM cash withdrawal system uses OTP at SBI branches. State Bank Of India has implemented new system of ATM cash withdrawal over Rs. 10,000 across all SBI ATMs. This is done in order to ensure safety and prevent the cardholders from any fraud and chicanery.
The cardholders will be provided new One Time Password (OTP) on their phone everytime they will withdraw money over Rs. 10,000.
SBI has also revised withdrawal charges which will be effective from first July.
An all new OTP based cash withdrawal system has been in effect since 1st Jan 2020 at all our ATMs. Protect yourself from unauthorized transactions across all SBI ATMs from 8 PM to 8 AM
As tweeted by SBI.
Steps for how the new withdrawal system works –
- OTP will be sent on your registered phone number.
- Once you have typed the amount on the ATM you want, the screen will be flashed asking you the OTP
- You will have to type the OTP you have received on your registered phone number for getting the cash.
This additional step will hereby ensure your authenticity and will protect you from any illicit withdrawal of money from your card.
In the view of pandemic, earlier SBI has wavered ATM charges till June 30. Now it has revised the withdrawal charges.
