SBI changing rules for OTP-based cash withdrawal facility from September 18

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From September 18, the State Bank of India (SBI) customers will be able to avail the one-time password (OTP) based cash withdrawal facility throughout the day.

This facility allows SBI’s customers to withdraw Rs 10,000 and above from its ATMs by entering an OTP sent on their registered mobile number, along with their debit card PIN each time. Active since January 1, 2020 for the purpose of extra security, this service can currently be availed between 8 PM-8 AM.

“With the introduction of 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. 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 country’s largest commercial bank said in a statement.

How the OTP-based withdrawal facility works?

Once customers enters the amount they wish to withdraw, the ATM screen will display the OTP window. Here, they will have to enter an OTP sent on their registered mobile number.

However, it should also be noted that the facility is currently available only at SBI ATMs. This is because this functionality has not been developed for the National Financial Switch (NFS), which is the largest interoperable ATM network in the country.