As instances of ATM card fraud rise in the country, State Bank of India, the country’s biggest lender has introduced a card-less cash withdrawal facility to protect its customers from unauthorised transactions across all SBI ATMs. This new facility has been active since the start of 2020 and allows ATM cardholders to withdraw cash with the help of OTP.
Here Is How The SBI OTP-Based ATM Withdrawal Works
According to the state-owned lender, an OTP is sent to the registered mobile number of the customer before cash withdrawal. The OTP is a numeric string of characters to authenticate the user for a single transaction. Once the customer enters the amount he wishes to withdraw, the ATM screen will display the OTP screen. The customer then needs to input the OTP received on his registered mobile number for getting cash dispensed from the ATM. This process is much safer as compared to ATM card-based cash withdrawal and helps protect customer data from fraudsters.
For cash withdrawal over Rs, 10,000 between 8 pm and 8 am, SBI customers will have to provide OTPs along with the Debit card PIN. This facility is available at all State Bank ATMs since January 1. The OTP-based withdrawal is not available at non-SBI ATMs.
With the introduction of its OTP-based cash withdrawal facility, SBI has added another layer of security for cash withdrawals from ATMs.
Worth mentioning here is that SBI allows 8 free ATM transactions in a month to its regular savings account holders. These include five free transactions from SBI ATMs and three from non-SBI ATMs. Customers in non-metro cities get 10 free ATM transactions, in which 5-5 transactions can be made from SBI and other banks. It then levies Rs 20 + GST for cash transactions and Rs 8 + GST for non-cash transactions.
Source: Times Now