To complete their transactions when withdrawing money from an ATM, State Bank of India (SBI) customers must enter a one-time password (OTP). The one-time password (OTP) based cash withdrawal option is available 24/7 at all ATMs for withdrawals above Rs 10,000.
SBI OTP based cash withdrawal
State Bank ATMs have increased the level of security for cash withdrawals by introducing their OTP-based Cash Withdrawal Facility. The customer’s registered mobile number with the bank will receive the OTP. A system-generated numeric string of characters known as a one-time password (OTP) is used to verify a user’s identity for a single transaction.
According to the SBI’s twitter account, “Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority.”
Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you… https://t.co/xFXWeCj0xE
— State Bank of India (@TheOfficialSBI) 1638599474000
According to the SBI tweet, here is how OTP-based cash withdrawal system functions
SBI cardholders will receive an OTP on their mobile number registered with SBI at the time of initiating the cash withdrawal process at the ATM. An OTP will be sent to your registered mobile number.
The OTP is a four-digit number that authenticates the user for a single transaction. The SBI cardholder must enter the OTP received on his/her mobile number registered with the bank in this screen for withdrawing the cash. This will protect SBI cardholders from unauthorized ATM cash withdrawals.