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Know about new cash withdrawal facility at SBI

IamCheated.com Research Team | December 31, 2019  5:54:pm

These days a lot of people use ATM cards. ATM cards are offered by banks when someone opens a bank account with them. These cards are really helpful as you can do a lot of things like cash withdrawal from ATMs, online shopping, booking tickets, payments to merchants and so on.

While a lot of people use ATM cards, ATM frauds are also on the rise. Fraudsters target ATM cardholders to cheat them of hard-earned money. In the last few years, many people have lost their money to frauds like card skimming.

See Also: You can secure your SBI account by setting a high-security password

With the intention of protecting customers from this type of fraud, the country's largest public-sector lender, the State Bank of India (SBI) has launched a new facility for ATM card withdrawal. The bank has informed customers through a tweet. The tweet made by SBI on its official Twitter handle said “In order to protect you from unauthorized transactions at ATMs, we are introducing an OTP based cash withdrawal system. This new safeguard system will be applicable from 1st January 2020 across all SBI ATMs from 8 PM to 8 AM.”

How does this work?

1. In order to withdraw cash from SBI ATMs, you must enter the One Time Password (OTP). The OTP will be sent to your registered mobile number.

2. How this system works is, as soon as you enter the amount you wish to withdraw, you will be taken to an OTP screen.

3. In the OTP screen, you must enter the OTP which is sent to your registered mobile number to withdraw cash. The OTP is a system-generated number which validates the user for a single transaction.

4. This new system is an additional factor of authentication for ATM cash withdrawals. SBI launched this with the intention of protecting customers from the risk of skimming, card cloning and so on.

Things you must know about SBI OTP-based cash withdrawal system

1. You can use this service at all the SBI ATMs from January 1st, 2020. This service is available only between 8 PM and 8 AM.

2. The OTP will be sent to your registered mobile number only while withdrawing cash above Rs 10,000.

3. There is no major change in the process of cash withdrawal from SBI ATMs under this new system. 

4. If you are withdrawing cash from other bank's ATMs, this facility will not be applicable.

5. You cannot use another bank's cards at an SBI ATM to avail of this facility. The functionality has not been developed in the National Financial Switch (NFS).

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