Come Jan 1, SBI card holders will need to enter OTP to withdraw money from ATMs
NEW DELHI | Dec 31, 2019:
Come January 1, 2020, the SBI card holders will now have to first enter the One Time Password (OTP) before withdrawing money from the ATM at night; the numeric code will be sent to the user's registered mobile number with SBI. This is being done in order to protect users from unauthorized transactions at ATMs.
In a tweet, the State Bank of India said, they will introduce the OTP-based cash withdrawal system in order to protect the users from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs from 8 PM to 8 AM.
Furthermore, the bank said that this facility will be available for transactions above Rs 10,000 between 8 pm and 8 am.
In order to protect you from unauthorized transactions at ATMs, we are introducing an OTP based cash withdrawal system. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs from 8 PM to 8 AM. pic.twitter.com/zvsy1aUTUE
— State Bank of India (@TheOfficialSBI) December 30, 2019
Here's how OTP-based cash withdrawal system will work:
An OTP will be sent to your registered mobile number with SBI at the time of initiating the cash withdrawal process at the ATM.
The OTP is a numeric string of charaters that authenticates the user for a single transaction
This will protect SBI card holders from unauthorised ATM cash withdrawals.
Things you must know about SBI's OTP-based cash withdrawal system
- The services will be active across all SBI ATMs with effect from January 1, 2020 between 8 pm and 8 am.
- You will receive OTP on your registered mobile number only when you withdraw cash over and above Rs 10,000.
- The facility will not require any major change in the present process to withdraw cash from SBI ATMs.
- This facility will not be applicable for transactions, where a SBI cardholder withdraws cash from another bank's ATM.
Earlier this week, SBI announced that the debit ATM cards will be deactivated and will stop working. As per RBI guidelines, SBI has replaced all Magnetic Stripe Debit Cards of its customers with EMV chip & PIN based cards. In view of the continuing frauds on Magnetic Strike Cards, it is proposed to deactivate these cards by 31.12.2019. (irrespective of the validity of the card).
