The SBI has tweeted that the OTP will have to be used for the withdrawal of more than ten thousand.
The Bank of India (SBI) is now offering One Time Password (OTP) facility to withdraw cash from ATMs for its customers. The bank is taking this step to protect the customers from loss by fraudulently withdrawing money through ATMs. This new facility of the bank will be implemented in all SBI ATMs across the country from January 1. SBI customers who have to withdraw money through ATMs from January 1 to 8:00 pm from January 1, will have to use OTP. SBI has tweeted that the OTP will have to be used for the withdrawal of more than ten thousand.
Learn how OTP’s cash withdrawal rules will work
OTP will be sent to the registered mobile number provided by the customer in the bank.
Under this facility, no significant change will be required in the process of withdrawal of funds from SBI ATMs.
If customers withdraw from another bank’s ATM, then they will not get OTP facility.
In the process, when the customer puts the money on the screen of the ATM for withdrawal, he will also see the OTP on the screen.
Then the SBI client will have to punch the OTP that will appear on the screen. The same OTP will also be sent to his mobile number.