Attention SBI customers! Want to withdraw above Rs 10,000? Know this State Bank of India rule implemented from today

SBI alert: In a bid to ensure the safety of its customers regarding ATM withdrawals, the State Bank of India (SBI) has introduced OTP-based ATM withdrawals above Rs 10,000. SBI has introduced an OTP-based cash withdrawal system across all SBI ATMs with effect from 1st January 2020, which will be functional from 8 PM to 8 AM. So, if an SBI customer goes to any SBI ATM without his or her registered mobile phone, then he or she won't be able to withdraw more than Rs 10,000 from the bank ATM.

Customers at SBI ATMs, along with Debit Card PIN will also have to put OTP generated on their mobile numbers registered with the bank while withdrawing cash above Rs 10,000. With this facility, SBI has added another layer of safety and security in all its ATMs to minimize the number of unauthorized ATM transactions. This additional factor of authentication for ATM cash withdrawals will protect SBI debit cardholders from the risk of skimming, card cloning, etc.

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The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. However, this facility will not be applicable for cash withdrawals at non-SBI ATMs because this functionality has not been developed in the National Financial Switch (NFS).

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on September 30, 2019, the bank has a deposit base of over Rs 30 lakh crore with CASA ratio of little more than 45% and advances of nearly Rs 22.5 lakh crore. SBI commands 25 per cent market share each in home loans and auto loans. The Bank has the largest network of nearly 22,000 branches in India with an ATM or Automated Deposit Cum Withdrawal Machine (ADWM) network of over 58,500.