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In 2020, the State Bank of India (SBI) has introduced its OTP-based or one-time password-based cash withdrawal. The public sector bank has introduced the OTP-based cashless withdrawal to provide a seamless and safe experience for its customers.
SBI, on its Twitter handle, has said: “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.”
The OTP is a system-generated numeric string of characters authenticates the user for a single transaction.
To protect its customers from the risk of falling prey to fraudsters, unauthorised withdrawals, and card skimming, the bank has increased security by introducing an OTP-based cash withdrawal option.
SBI also released a set of guidelines for using the OTP-based cash withdrawal system.
How does OTP-based cash withdrawal work?
A simple three steps process:
For transactions over ₹10,000, customers will receive an OTP.
Step1: Visit your nearest ATM
Step 2: While withdrawing, once you enter the amount to be withdrawn (₹10,000 or more), the screen will pop up an OTP display.
Step 3: SBI cardholders would have to enter the OTP that they have received in their registered mobile number to complete the transaction.
Therefore, it is important for customers who wish to withdraw ₹10,000 or more should carry their registered phone number mobile with them. The OTP received will be applicable only for one transaction.
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