India's leading public sector bank, the State Bank of India (SBI), had introduced its one-time password or OTP-based cash withdrawal system in 2020. It was introduced to ensure a safer banking experience for its customers.
An OTP is a four-digit number that authenticates the user for a given transaction. In view of the rising number of financial frauds, the OTP-based cash withdrawal system helps protect and safeguard the savings of the bank's customers from unauthorised transactions
"Our OTP-based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from frauds will always be our topmost priority," the SBI had said in a tweet.
The SBI has also released a set of guidelines on how to use the OTP-based cash withdrawal system.
In order to withdraw Rs 10,000 or more, SBI cardholders need to enter their debit card PIN along with the OTP sent to their registered mobile number. Only after successfully entering the correct OTP and PIN, will cash be dispensed from the ATM machine.
Therefore, all customers who want to withdraw a sum of Rs 10,000 or more are required to carry their mobile phones with their registered mobile number to the ATM.
All customers must note that the OTP received by them on their registered mobile number will be applicable only for one transaction.
Check this space regularly for further updates on SBI's guidelines.
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