Come new year, SBI customers will have to enter an additional one-time password (OTP) number for cash withdrawals of more than Rs 10,000 from SBI ATMs at night. The largest public sector bank in the country has put in place the new OTP-based cash withdrawal facility to check rising ATM transaction-related frauds in the country.
The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.
OTP will be received on the customer’s mobile number registered with SBI. Once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen. The customer has to input/punch the OTP received on his mobile number registered with the bank in this screen for getting the cash. "This will safeguard the customers against the risk of unauthorised transactions on account of skimmed/cloned cards, while withdrawing cash at State Bank ATMs," SBI stated.
The OTP-based cash withdrawal will be active across all SBI ATMs from January 1, 2020 between 8pm to 8am. However, the OTP-based security feature will not be applicable if an SBI cardholder withdraws cash from another bank's ATM.
