With an aim to strengthen security in ATM cash withdrawals, State Bank of India is extending its OTP-based cash withdrawal facility round the clock. The service, which will come into effect from September 18, will be applicable for transactions of Rs 10,000 and above at all bank’s ATMs.
“With the introduction of 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes,” the country’s lender said in a statement.
The service was initially introduced in January this year, in which the lender had launched OTP-based cash withdrawals for above Rs 10,000 between 8 PM 8 AM through all its ATMs.
For withdrawals of Rs 10,000 and above, the bank’s debit cardholders will now have to enter OTP (one-time password) sent on their registered mobile numbers along with their debit card PIN each time, the release said.
The lender has urged all its customers to register or update their mobile numbers.
The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS), the bank said.
OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would be required to enter the same received on their registered mobile number.
However, it should be noted that the OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS).
The bank has the largest network of over 22,000 branches in India with an ATM/automated deposit cum withdrawal machine (ADWM) network of over 58,000 and total BC outlets of more than 61,000.