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SBI OTP Based ATM cash withdrawal- In this crisis of Corona, this service of SBI is beneficial in saving customers money and secure transactions.
New Delhi. In the Corona period, cases of bank fraud have increased rapidly. In the annual report, the RBI Annual Reports said that in the last 24 months, the number of cases of bank frauds has more than doubled. Government banks account for 80 per cent of the total fraud of Rs 1.8 lakh crore. While in the private sector this figure was up to 18 per cent.
State Bank of India (SBI) has made a big change in the cash withdrawal rules from ATMs. Customers of the country's largest bank will now have to keep a mobile with the number associated with the account at the time of cash withdrawal from the ATM at night.
The bank has decided to implement OTP based system for cash withdrawal of more than Rs 10,000 from ATM from 8 am to 8 am.
bank has said that this system will not be applicable if SBI customers withdraw cash from other bank's ATMs. That is, the withdrawal from the ATM of another bank will be completed without the OTP as before.
how the new system will work - SBI customers will have to keep their mobile with them at the time of withdrawal from ATM. A one-time password (OTP) will be sent by the bank to the mobile number associated with the account during the transaction. This OTP number will also have to be entered in the ATM along with the password.