The customers of the State Bank of India (SBI) can avail of the bank’s one-time password (OTP) based cash withdrawal facility. This facility has been operational since January 1, 2020, in order to protect its customers from unauthorized transactions at ATMs. OTP is a four-digit number that authenticates the user for a single transaction.
The OTP-based ATM cash withdrawal facility allows its customers to withdraw ₹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.
“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,” the State Bank of India (SBI) tweeted on its official account.
Know how to withdraw cash using just OTP from SBI ATM
- An OTP will be sent to your registered mobile number
- Enter the amount that you wish to withdraw
- Enter the OTP received on your registered mobile number after the ATM screen displays OTP screen
- Receive the cash from the ATM machine
Meanwhile, the Reserve Bank of India (RBI) Governor Shaktikanta Das has proposed cardless transactions for all ATMs using the UPI network in order to reduce financial fraud.
Notably, the card-less withdrawal through ATMs facilities is only limited to a few banks currently.
Ms Kalinga