Mumbai: In view of the increasing cases of ATM fraud, the country’s largest bank, State Bank of India (SBI) is going to change the rules for withdrawing money from ATMs. Now from September 18, the system of OTP (One Time Password) based withdrawal is being started for withdrawal of more than Rs 10,000 per day from SBI ATM. State Bank of India (SBI) started OTP-based cash withdrawal from January 1, 2020, through SBI ATMs between 8 am and 8 am to withdraw Rs 10,000. It is now being extended for the whole day.
SBI has further strengthened the security level in ATM cash withdrawal with the introduction of 24×7 OTP-based cash withdrawal facility. Implementing this facility throughout the day will help SBI debit card holders to avoid fraudsters, unauthorized withdrawals, card skimming, card cloning.
When the customer will use the ATM to withdraw more than 10,000, then the ATM screen will ask for OTP, this OTP will be sent to the registered mobile number of the customer. SBI has taken this step to protect its customers from possible skimming or card cloning.
SBI Managing Director CS Shetty (Retail & Digital Banking) said, SBI has always been at the forefront of ensuring convenience and security to its customers through technological improvements and increased security levels. We are confident that SBI customers will experience safe and risk-free withdrawals with OTP certified ATM withdrawals throughout the day.
