SBI ATM Cash Withdrawal Rules: The State Bank of India, or SBIwhich has the highest number of customers in the country, has always been alert about preventing ATM scams. To tackle the rising bank scams at ATMs, the lender has come up with a set of rules, one of which requires a two-step verification in order to protect debit and credit cardholders of the bank. The lender has in effect a one-time password (OTP) based cash withdrawal system whereby customers who wish to withdraw money from an SBI ATM will have to enter an OTP.
A customer can avail of the new facility if he or she makes transactions above Rs 10,000. This service was launched by the SBI in January 2020, when ATM fraud cases were particularly on the rise. The OTP in this case is a four-digit number that confirms the user for a single transaction. It must be noted here that the unique OTP provided by the bank can be used for one transaction only.
The customer, who wishes to draw an amount of more than Rs 10,000 will have to enter the four digit OTP along with his or her debit card PIN number while making the transaction. This gives an extra layer of security thereby preventing ATM scams.
“Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from fraud will always be our topmost priority,” SBI tweeted earlier this year.
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.#ATM #OTP #SafeWithSBI #TransactSafely #SBIATM #Withdrawal #AmritMahotsav #AzadiKaAmritMahotsavWithSBI pic.twitter.com/g5P50lFhLw
— State Bank of India (@TheOfficialSBI) April 9, 2022
How to Withdraw Cash from SBI ATMs Using OTP
– You will need to bring your mobile phone with the registered number as well as your debit card to the ATM.
– Insert your debit card into the ATM machine slot and enter your PIN, and request an amount exceeding Rs 10,000. The ATM machine will prompt you to enter the OTP
– You now need to enter the OTP received via SMS on your registered mobile number
– Your transaction will be completed when you enter the valid OTP
Initially, the SBI had launched this facility for transactions done between 8 am and 8 pm. However, from September 2020, the facility is available 24×7. “Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24×7 for amount Rs 10,000 and above from 18.09.2020,” the country’s top lender had tweeted at the time.
Your transactions at SBI ATMs are now more secure than ever.
— State Bank of India (@TheOfficialSBI) September 15, 2020
“Please note that the service is extended for withdrawals made only at SBI ATMs,” it had said further. However, many banks are expected to follow suit and introduce this system to protect their customers from ATM frauds.