SBI ATM: There is important news for the customers having an account in State Bank of India. If you also have an account in this government bank and you withdraw money through ATM (SBI ATM withdrawal limit), then from now on you will need a special number to withdraw money.
Money will not be withdrawn without OTP
Let us tell you that now you have to enter an OTP to withdraw money from SBI ATM. Only after that you will be able to withdraw money. Let us tell you that the bank has started this facility to stop the increasing cases of fraud across the country.
Facility starting from 1st January
Let us tell you that the bank has started OTP based transaction from 1 January 2020 to make the ATM transaction of the customers safe. The main purpose of this facility is to keep the money of the customers safe.
SBI has written on its official Twitter that the OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority.
Let us tell you how the system works
- An OTP will be sent to the SBI customer on the registered mobile number.
- Customer will be able to withdraw money from ATM by entering this OTP
- OTP will be a four digit number, which will be able to do the transaction once.
- This will save the card holders from unauthorized ATM cash withdrawal.
OTP has to be entered
To take advantage of this facility, you have to do it when you withdraw money from the ATM machine. While withdrawing money from the ATM machine, you will have to enter the OTP received on your registered mobile number, only then you will be able to withdraw money.
Bank alerts from time to time
Nowadays the cases of fraud are increasing rapidly. To stop them, the bank has taken this step. Apart from this, to keep customers’ money safe and prevent fraud, the bank keeps on alerting by sending tweets and messages from time to time.
Know when OTP will be required?
Let us tell you that you will need OTP only if you withdraw Rs 10,000 or more from the ATM. You will not need OTP to withdraw less than this amount.