State Bank of India, the country's apex lender has recently introduced card-less cash withdrawal facility to protect its customers from unauthorised transactions across all SBI ATMs.
Moreover, while the instances of ATM card fraud have been rising across the country, the SBI has come up with this new idea.
As per reports, this new facility has been active since the start of 2020 which allows ATM cardholders to withdraw cash with the help of OTP.
Let's know how the SBI customers can withdraw money from ATM without a card.
As per the SBI official, OTP is sent to the registered mobile number of the customer before cash withdrawal. The OTP is a numeric string of characters to authenticate the user for a single transaction. While the customer enters the amount he wishes to withdraw, the ATM screen will display the OTP screen. The customer then needs to input the OTP received on his registered mobile number for getting cash dispensed from the ATM. This process helps to protect the customer data from fraudsters.
How to withdrawal cash over Rs. 10,000
SBI customers will have to provide OTPs along with the Debit card PIN for cash withdrawal over Rs 10,000 between 8 pm and 8 am. As per reports, this facility is available at all State Bank ATMs since January 1. However, this facility can't be available at non-SBI ATMs.
8 Free Transactions in A Month
Along with the OTP-based cash withdrawal facility, SBI has added another feature for cash withdrawals from ATMs. Now the SBI customers will be allowed 8 free ATM transactions in a month.
These include five free transactions from SBI ATMs and three from non-SBI ATMs. Moreover, customers in non-metro cities will get 10 free ATM transactions, in which 5-5 transactions can be made from SBI and other banks.
