Are you a State Bank of India (SBI) customer? Well, you don’t need to know remember your PIN to withdraw cash anymore. India’s largest public bank has a service for its customers that allows them to withdraw money from bank ATMs with the help of OTP. Not only it makes your job easy, but also protects you from ATM scams. This new facility has been active since the start of 2020 and allows ATM cardholders to withdraw cash with the help of OTP.

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According to the state-owned lender, an OTP is sent to the registered mobile number of the customer before cash withdrawal. The OTP has to be entered after you feed the amount that needs to be withdrawn. This process is much safer as compared to ATM card-based cash withdrawal and helps protect customer data from fraudsters.

The customers need to know that this facility is only available for cash transactions under Rs 10,000. Above this, you also need to provide the PIN along with the OTP. This facility is available at all State Bank ATMs since January 1. The OTP-based withdrawal is not available at non-SBI ATMs.

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For those unaware, SBI allows 8 free ATM transactions in a month to its regular savings account holders. These include five free transactions from SBI ATMs and three from non-SBI ATMs. Customers in non-metro cities get 10 free ATM transactions, in which 5-5 transactions can be made from SBI and other banks. It then levies Rs 20 + GST for cash transactions and Rs 8 + GST for non-cash transactions.

Meanwhile, the bank has lowered its Marginal Cost of Funds based Lending Rate (MCLR) by 5-10 bps in the shorter tenors, with effect from July 10. SBI's MCLR for the tenor upto three months has been lowered to 6.65 percent per annum. This is the fourteenth consecutive reduction in the lender's MCLR.