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SBI issues new guidelines for OTP-based ATM withdrawal facility: All you need to know

The State Bank of India (SBI) has announced new guidelines on cash withdrawal by its customers having OTP based ATM cards. SBI has extened the time for the OTP-based cash withdrawal from its ATMs.

India TV Business Desk India TV Business Desk
New Delhi Updated on: September 15, 2020 21:09 IST
SBI
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SBI extends OTP-based ATM withdrawal facility round the clock

The State Bank of India (SBI) has announced new guidelines on cash withdrawal by its customers having OTP based ATM cards. SBI has extened the time for the OTP-based cash withdrawal from its ATMs. The cash withdrawal facility for the SBI customers will now be available throughout the day for transactions of Rs 10,000 and above from September 18. In January, the lender had introduced OTP-based cash withdrawals for above Rs 10,000 between 8 PM–8 AM through all its ATMs.

SBI extends time limit for OTP-based ATM withdrawal facility | All you need to know 

  • For withdrawals of Rs 10,000 and above, the bank's debit cardholders will now have to enter OTP (one-time password) sent on their registered mobile numbers along with their debit card PIN each time, a release said.
  • "With the enablement of 24x7 OTP authenticated ATM withdrawals, we believe SBI customers will have a secured and risk-free cash withdrawal experience," the bank's managing director (retail and digital banking) CS Setty said.
  • 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, the release said.
  • The lender has urged all its customers to register or update their mobile numbers.
  • The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS), the bank said.
  • OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.
  • Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would be required to enter the same received on their registered mobile number.
  • The bank has the largest network of over 22,000 branches in India with an ATM/automated deposit cum withdrawal machine (ADWM) network of over 58,000 and total BC outlets of more than 61,000. 

(With PTI Inputs)

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