In recent times the number of fraud cases have increased and so is their frequency. Keeping in view the incidents, national lender State Bank of India has introduced one-time-password (OTP)-based cash withdrawal system, which has come into effect from today onwards.

The bank informed its customer about the facility via a tweet on its official page. The bank said that the facility will be applicable only on the transactions above Rs 10,000 from 8.00 pm to 8.00 am. From today onwards, if you are required to visit the atm after 8.00 pm then don’t forget to carry your registered mobile number with you.

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How is the facility going to work?

Once you have entered the withdrawal amount on the ATM, the machine asks for the OTP (if the amount is above Rs 10,000). You will have to put the OTP received on your registered number to go ahead with the transaction.

The process of withdrawing the cash is still the same, but SBI has added another segment for better and safe transactions.

Is it available on all ATMs?

As of now, the facility is only available to SBI customers at the bank’s ATMs.