SBI ATM cash withdrawal rule: Withdraw money using OTP to avoid frauds; check how it works

The State Bank of India (SBI) has come up with a OTP based cash withdrawal system in order to protect its customers from ATM frauds. With this move, India’s largest public sector bank aims to minimise such crimes.

Under the OTP based cash withdrawal system from the ATMs, the bank will provide an additional security bracket because of which account holders withdrawing cash from ATMs will receive an OTP on their mobile phones. The ATM card holders will be able to withdraw the amount only after they verify the OTP.

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This new decision was announced by the bank over its official Twitter handle on October 24. “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 tweeted.

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/uCbkltrP8T

— State Bank of India (@TheOfficialSBI) October 24, 2021

Here is how the OTP based cash withdrawal system work:

As per the information provided by the bank via its Twiiter account:

1. An OTP will be sent to your registered mobile number.

2. The OTP is a four-digit number that authenticates the user for a single transaction.

3. This will protect SBI Card holders from unauthorized ATM cash withdrawals.

It needs to be noted that it is applicable on withdrawals of Rs 10,000 and above at SBI ATMs. Also, this facility is active since January last year.

In case of any query and doubts related to SBI, the customers can login to the official website of SBI at sbi.co.in.

As per SBI's website, it is the largest bank in the country with one-fourth market share. The SBI has successfully diversified businesses through its 11 subsidiaries, that is, SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 233 offices in 32 foreign countries.