In order to reinforce ATM security system and provide more functioning time to its customers, State Bank of India (SBI) has extended its OTP-based cash withdrawal facility.
SBI customers will now be able to make ATM withdrawal of Rs 10,000 and above after a one time password (OTP) verification throughout the day from September 18.
The OTP-validated ATM transaction was introduced to minimize the number of unauthorized transactions, the SBI had said.
With the introduction of its OTP-based cash withdrawal facility, SBI added another layer of security for cash withdrawals through its ATMs.
A One Time Password would be sent on the customer’s mobile number registered with the bank.
This additional factor of authentication is meant to protect State Bank card holders from unauthorized ATM cash withdrawals.
Once the cardholder enters the amount he/she wishes to withdraw, the ATM screen asks for the OTP received on his/her cellphone.
As the customer enters the OTP on the ATM window, the transaction is completed.
This facility is only available for transactions, where a State Bank card holder withdraws cash from an SBI ATM.