OTP-based SBI ATM withdrawal extended round the clock; Know here when service starts

India’s largest public sector lender State Bank of India (SBI) has extended its OTP-based ATM withdrawal facility throughout the day, for cash withdrawals of Rs 10000 and above. This facility will start from 18 September. The bank had introduced this facility from 1 January 2020 between 8 pm and 8 am to reinforce its ATM security system and safeguard the customers’ accounts.

The bank in its press release said that the SBI debit card holders will now be required to enter OTP sent on their registered mobile numbers along with their debit card PIN each time they withdraw cash amounting Rs 10,000 and above. 

“With the introduction of 24x7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes,” the media release said. 

“SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level,” C. S. Setty, Managing Director (Retail and Digital Banking) at SBI said. 

“With the enablement of 24x7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience,” he added. 

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number.

See Zee Business Live TV Streaming Below:

The OTP based cash withdrawal facility is available only at SBI ATMs, the release claims adding that this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).