In view of the increasing incidents of ATM frauds, State Bank of India (SBI) has come up with a major update, which is very important for all SBI customers to know.
SBI has made this important update to upgrade the security of its ATM operations. If you want to withdraw cash from ATM without any hassle, then you should read this full news, so that you can easily withdraw money from ATM.
Till now SBI account holders could easily do daily transactions according to their daily limit, but now some changes have been made in it. Now when SBI customers go to withdraw money from ATM, after a specified limit, they will be sent an OTP from the bank, which you will have to type in the ATM machine, only after going through this process you will be able to withdraw money from the ATM.
SBI has taken this step in view of the increasing ATM fraud. Only customers withdrawing Rs 10,000 or more will have to go through this process, while customers withdrawing Rs 9,999 or less will not require OTP or any input.
If you are going to withdraw Rs 10,000 or more from SBI ATM, then it is very important to have a mobile number registered with the bank, otherwise you will not be able to do the transaction, because as soon as you enter the machine for ten thousand or more transactions Just like when you insert your ATM card, the ATM machine will start asking you for OTP and if you do not enter OTP within few seconds, your transaction will be cancelled.
To make 10 thousand or more withdrawals, it is very important for you to know these few steps, which are as follows:
- You will need OTP to withdraw money from SBI ATM.
- This OTP will be sent to the mobile number registered with your bank.
- This OTP will be a numeric character system generator, which will be valid only for one transaction.
- As soon as you enter your amount to withdraw money, the ATM screen will ask you for OTP.
- After this you have to type the OTP received on the bank registered mobile number on the ATM screen.
- This additional factor will protect State Bank cardholders from unauthorized ATM withdrawals.
OTP based cash withdrawal facility is available only at SBI ATMs, as this functionality has not been developed at the National Financial Switch (NFS) at non-SBI ATMs. India’s largest public sector bank SBI has the country’s largest network of 22,224 branches, 63,906 ATMs/CDMs and 71,705 BC locations, which keeps on taking various initiatives for its account holders.
