Attention To All SBI Customers 💡Get Ready For OTP Based ATM Transactions From 1st January, 2020
With a view to minimize the number of unauthorized transactions happening on ATMs, State Bank of India announced the launch of OTP Based ATM Withdrawal For transactions above ₹ 10,000/- between 8 PM to 8 AM. With the introduction of its OTP Based Cash Withdrawal Facility State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer’s mobile number registered with the Bank. The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals. The OTP Based Cash Withdrawal System shall be active across all State Bank ATMs w.e.f. 01st January 2020 between 8 PM to 8 AM. The facility will not require any major change in the present process to withdraw cash from State Bank ATMs. However, this facility will not be applicable for transactions, where