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Recently, to ensure safety of its customers regarding ATM withdrawals, State Bank of India (SBI) announced the launch of OTP Based ATM withdrawals above Rs. 10,000. Bank is introducing the OTP based cash withdrawal system across all SBI ATMs w.e.f. January 1, 2020 which would be functional between 8 P.M. to 8 A.M.

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 card holders from the risk of skimming, card cloning, etc.

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 National Financial Switch (NFS).