SBI Customers Alert! SBI Bank changes rules on cash withdrawals over Rs 10,000 from January 1
SBI ATM cash withdrawal: Do you have an SBI Savings Account and make ATM transactions? Then this is important news for you. State Bank of India (SBI Bank), India's largest lender recently announced new rules for ATM cash withdrawal transactions, to ensure customers safety, SBI Bank has announced the launch of a one-time password (OTP) based ATM withdrawals above Rs 10,000.
The OTP-based cash withdrawal system will be effective from today i.e January 1, 2020, and it will be active between 8 pm to 8 am. The bank tweeted about the development saying, "Introducing the OTP-based cash withdrawal system to help protect you from unauthorised transactions at ATMs. This new safeguard system will be applicable from 1st January 2020 across all SBI ATMs".
OTP-based transaction at SBI ATM:
This means, withdrawing cash over Rs 10,000 from an SBI ATM is going to be more secure from January 1. The objective behind the initiative is to help protect its customers from unauthorised transactions at ATMs.
From January 1, SBI customers will not be able to withdraw more than Rs 10,000 from the bank’s ATMs without providing OTPs received on their registered mobile number along with the Debit card PIN.
Also, SBI has urged its customers to register or update their mobile numbers to ensure that they receive the OTP and are able to withdraw cash hassle-free.
How to Use the SBI OTP-Based ATM Cash Withdrawal
The following steps will need to be followed for cash withdrawals:
- The cardholder needs to enter his card into the SBI ATM machine.
- Once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen.
- OTP will be received on the customer’s mobile number registered with the Bank.
- The customer has to input or punch the OTP received on his mobile number registered with the Bank in this screen for getting the cash.
OTP-Based transaction not at non-SBI ATMs
Meanwhile, The SBI also said that the new facility will not be applicable for cash withdrawals at non-SBI ATMs because this functionality has not been developed in National Financial Switch (NFS).
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