Money & Banking

SBI to have OTP-based ATM withdrawals of over Rs 10,000 from January 1

Our Bureau Mumbai | Updated on December 27, 2019

State Bank of India (SBI) has strengthened its security system on ATM withdrawals by introducing OTP (one-time password) based withdrawals of above Rs 10,000 with effect from January 1, 2020.

India’s largest bank, in a statement, said the service would be functional between 8 am and 8 pm at all SBI ATMs.

Along with the Debit Card PIN, customers will also have to put the OTP generated on their mobile numbers registered with the bank, while withdrawing over Rs 10,000.

However, this facility will not be applicable for cash withdrawals at non-SBI ATMs because this functionality has not been developed in the National Financial Switch (NFS).

With this facility, SBI has added another layer of safety and security in all its ATMs to minimise the number of unauthorised ATM transactions, the bank said.

This additional factor of authentication for ATM cash withdrawals will protect SBI debit card holders from the risk of skimming, card cloning, etc, it added.

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction.

Published on December 27, 2019

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