SBI's OTP-based cash withdrawal facility: All you need to know
The service works as an extra layer of protection for the bank's customers against fraudulent ATM transactions.
To avoid falling prey to fraudulent ATM transactions, customers of the State Bank of India (SBI) can avail the bank's one-time password (OTP) based service while withdrawing cash from SBI's automated teller machines.
SBI's OTP-based cash withdrawal facility
The option itself is not new; it was announced by the country's largest bank in December 2019, and came into effect on January 1, 2020. It works as an extra layer of protection against unauthorised transactions.
However, customers should note they can avail this facility only if they are withdrawing ₹10,000 or more in a single transaction.
How the service works?
(1.) Besides your SBI debit card, you should have your mobile phone while withdrawing the amount.
(2.) On inserting the debit card, entering the ATM pin and finally, the withdrawal amount, you will be asked for an OPT
(3.) The OTP will be sent to your registered mobile phone number; enter it on the ATM screen.
(4.) The transaction will be completed once you feed the valid OTP.
What is one-time password?
The OTP is a system-generated four-digit number, which will be sent to the customer's registered mobile number. The number will authenticate the cash withdrawal and will be valid only for that particular transaction.
