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.
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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.
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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.