India’s largest lender State Bank of India (SBI) has already changed its rules related to OTP-based cash withdrawal from ATMs.
Effective September 18, SBI announced the extension of time for OTP-based cash withdrawal from ATMs, thus giving the customers a wider window period.
SBI customers can now make ATM withdrawal of Rs 10,000 and above after an OTP verification throughout the day.
SBI has again tweeted regarding the rules recently for its customers.
The bank has also asked customers to be alert, transact safely.
“Keeping the safety of our customers in mind, SBI has extended OTP based authentication for cash withdrawals of ? 10,000 & above on SBI ATMs to 24×7. Be alert, transact safely!,” SBI said in a tweet.
Keeping the safety of our customers in mind, SBI has extended OTP based authentication for cash withdrawals of ? 10,000 & above on SBI ATMs to 24×7. Be alert, transact safely!#SBI #StateBankOfIndia #CustomerSafety #CashWithdrawal pic.twitter.com/5wLKb7LvCT
— State Bank of India (@TheOfficialSBI) October 19, 2020
The bank had allowed this facility to customers during 8 PM to 8 AM in January.
How does OTP-validated ATM transaction work?
The OTP-validated ATM transaction was introduced to minimise the number of unauthorised transactions, State Bank of India had said.
With the introduction of its OTP-based cash withdrawal facility, State Bank added another layer of security for cash withdrawals through its ATMs service.
OTP would be received on the customer’s mobile number registered with the bank.