This facility will not be applicable where the State Bank card holder withdraws cash from ATMs of other banks. This is because this work has not yet been started in the National Financial Switch (NFS), according to SBI.
State Bank of India (SBI), the country’s largest state-run bank, has told important rules regarding cash transactions. This is for those people who are withdrawing cash above Rs 10,000 from ATM. Under this rule, if you are withdrawing an amount of more than 10 thousand, then OTP will have to be taken for this. OTP is secure and there is less scope for fraud, hence OTP best withdrawal is being preferred.
In fact, in view of the increasing fraud in the transactions of banks, such security measures are being taken in view of the matter. State Bank customers are in abundance who will be able to get the benefit of this OTP facility. State Bank announces such service from time to time for its customers so that their transactions can be made safe and easy. Withdrawal of money through OTP is also a part of it. For this, the mobile number registered with the bank should be with you, on which OTP will come. You will be able to withdraw money through the same OTP.
what is the new rule
This rule has been made to verify or authenticate cash withdrawal from ATM. This increases the security of customers’ money and prevents money from falling into the wrong hands. It is to be noted that OTP based cash transactions are only for the amount above 10 thousand. If you withdraw less than that, then there will be no need to enter OTP in the ATM.
SBI has been reminding its customers about all its initiatives to protect its customers from fraudsters on social media. In its recent tweet last week, SBI said, “Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority.”
Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority.#SBI #StateBankOfIndia #ATM #OTP #SafeWithSBI #TransactSafely #SBIATM #Withdrawal pic.twitter.com/9EnJH883bx
— State Bank of India (@TheOfficialSBI) November 21, 2021
OTP based ATM transaction was introduced in 2020 to reduce the number of fake or unauthorized transactions. With the launch of its OTP-based cash withdrawal facility, State Bank of India has added yet another layer of security for cash withdrawal through its ATM service. OTP will be received on the mobile number of the customer registered with the bank. This additional verification factor protects the State Bank cardholder from fraudulent ATM cash withdrawal by any other person. Only the customer whose OTP will come on his phone will be able to withdraw money from the ATM. This will eliminate the possibility of fraud.
Who can avail the facility
This facility will not be applicable where the State Bank card holder withdraws cash from ATMs of other banks. This is because this work has not yet been started in the National Financial Switch (NFS), according to SBI. NFS is the largest interoperable ATM network in the country and handles over 95 per cent of domestic interbank ATM transactions.
how to withdraw money
Once the cardholder has entered the amount he wants to withdraw, the ATM screen shows the OTP window. To complete the transaction, the customer has to enter the OTP received on the registered mobile number.
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