A new rule regarding ATM cash withdrawals has been implemented by state lender SBI. The new rule, according to the bank, would strengthen the security system and improve the security of ATM transactions.
New Rule
SBI changes the rules for ATM cash withdrawals. Customers must now input the OTP in order to make cash transactions. The new rule, according to the public lender, would strengthen the security system and improve the security of ATM transactions.
Cash Withdrawal
When using an ATM, State Bank of India (SBI) customers are required to enter a one-time password (OTP) in order to complete their transactions. OTPs are available at all times. The function is available on all of the bank's ATMs for withdrawals above Rs 10,000.
Avoid Fraud
State Bank ATMs have lifted the bar for cash withdrawal security by adopting their OTP-based Cash Withdrawal Facility. The customer's mobile number registered with the bank will get the OTP.
Process of OTP
The system generates one-time passwords (OTPs) that are used to verify a user's identity for a single transaction. According to the SBI's Twitter account, “Our OTP-based cash withdrawal method for transactions at SBI ATMs is immunization against scammers. Protecting you from fraud will always be our top priority.”
OTP on Registered Phone Number
An OTP will be sent to the mobile number you have on file. The user is verified for a single transaction using an OTP, which is a four-digit number.
OTP for Cash Withdrawal
The SBI cardholder must input the OTP that was issued to the mobile phone that is registered with the bank on this screen in order to make a cash withdrawal.
Secure Transactions
For SBI cardholders, this will prevent unauthorized ATM cash withdrawals.
