The State Bank of India (SBI) has launched a one-time password (OTP) based cash withdrawal service to protect its customers against fraudulent ATM transactions.
The customers withdrawing Rs 10,000 or more in one transaction at the SBI ATMs will need the OTP to complete the transaction.
The OTP-based cash withdrawal will work as an extra layer of protection against unauthorized transactions. According to the SBI, customers will have to enter the OTP during the cash withdrawal at ATMs to complete the transaction.
The OTP will be sent on the registered mobile number of the customer to authenticate the cash withdrawal and it will be valid for only one transaction.
The withdrawal will be done only after entering the system-generated four-digit OTP.
SBI had launched the OTP-based cash withdrawal services in January 1, 2020. Since then, it has been appealing all its customers to avail the service and to avoid fraudulent transactions.
How to withdraw cash using OTP:
Insert your debit card and enter the ATM PIN along with the withdrawal amount
Enter the OTP received on your registered mobile number
Enter the OTP
The transaction will be completed
