SBI ATM cash withdrawal rules: Know these new rules to prevent falling prey to scams

In order to prevent its customers from getting scammed the State Bank of India (SBI) has added a security feature to its withdrawal rules. Now the customers will have to enter a one time password (OTP) in order to complete the transaction. The use of OTP during an ATM card withdrawal enhances the user’s safety manifold.

The SBI took to its official Twitter handle and informed about this development to its customers on October 24. “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.’’ said the tweet. The video embed in the tweet simplifies the entire process for the users.

The steps informed by SBI on its Twitter account are:

  1. An OTP will be sent to the registered mobile number of the user.
  2. The OTP is a four-digit number that authenticates the user for a single transaction.
  3. This will protect SBI Card holders from unauthorized ATM cash withdrawals.

It is important to note that the facility is available for the withdrawals of Rs 10,000 and above at SBI ATMs. However, if the users are withdrawing cash from other ATMs they will not face this security procedure.

If at any point, the users of SBI have any questions regarding the ATM cash transaction, they can visit the official website of SBI or contact the branch.

The users of SBI, should keep it in mind that they should carry their smartphone/ mobile phone with telephone number (registered with bank) to the ATM. Otherwise the users will face inconvenience at the ATM and cannot withdraw the total sum. They have to increase the frequency of their transactions to draw the total amount.

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