SBI has changed the rules for withdrawing Rs 10,000 or more from ATMs
- As per the instructions received from SBAE, the bank has done so to further strengthen its ATM security system and protect customers.
New Delhi: State Bank of India, the country's largest bank, has taken a major step to curb the growing fraud in debit or ATM card withdrawals. Now OTP will also be required for withdrawals of Rs 10,000 or more from its SBI ATMs. Until now, OTP was required to withdraw such amount from 8 pm to 8 am. This arrangement is being implemented across the country from September 18. With this, the bank has asked all its customers to update their mobile number.
Decided to strengthen ATM security system
As per the instructions received from SBAE, the bank has done so to further strengthen its ATM security system and protect customers. State Bank of India, the country's largest lender, launched OTP-based cash withdrawals of Rs 10,000 or more between January 1, 2020 and 8 am through SBI ATMs. Now OTP based ATM withdrawal system has been implemented in all SBI ATMs of the country for all day and night. That means it will need 24 hours. This arrangement will be implemented from 18 September 2020. Withdrawals of Rs 10,000 and above will also have to be entered along with the OTP sent to the registered mobile number along with your debit card PIN.
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Fraud will be avoided
CS Setti, MD (Retail and Digital Banking), SBI, says that with the launch of the 24x7 OTP based cash withdrawal facility, SBI has strengthened the level of security in ATM cash withdrawals. Implementing this facility throughout the day will help SBI debit cardholders avoid fraud, unauthorized withdrawals, card skimming, card cloning and similar risks.
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Update mobile number
SBI says that a customer who always withdraws Rs 10,000 or more should update his mobile number with the bank. It has always been known that the customer did not give the mobile number at the time of opening the account. If someone gave the number it doesn’t work these days. Customers are therefore requested to link the running number to the account.
What is OTP?
OTP is in fact a system-generated numeric string, which certifies a single transaction for the user. The ATM screen will ask for OTP when the customer wants to withdraw the medium amount from the ATM. It will be received on the registered mobile number, that number will have to be entered in the ATM. When the correct OTP is given on the screen, the ATM PIN will be taken. OTP based cash withdrawal facility is available only at SBI ATMs. SBI says that this efficiency has not been developed in other banks' ATMs in the National Financial Switch (NFS).
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How will this facility of SBI work?
To withdraw cash from SBI ATMs, customers have to enter OTP with PIN number. The OTP will be sent to the mobile number registered with SBI. SBI's OTP-based ATM withdrawal facility will be available only for withdrawals above Rs 10,000. SBI has launched this facility to protect SBI debit card holders from any possible scamming or card cloning. This way, they will be able to avoid fraud.
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