The State Bank of India came up with a major change into its processing of withdrawing cash from ATMs for protecting its customers against fraudulent transactions by launching a one-time password (OTP) based on cash withdrawal service.
Working as an extra layer of protection against unauthorized transactions, only when every bank switches the OTP-based process for cash withdrawals from ATMs.
customers will need to enter the OTP during the cash withdrawal at ATMs completing the transaction.
Just enter your desired amount along with your ATM PIN, which will be asking to authenticate the same with the OTP received on the registered mobile number. The withdrawal will only be possible after entering the system-generated four-digit OTP.
SBI had already launched the OTP-based cash withdrawal services way back on 1st January,2020 appealing to all its customers availing the service in order to avoid fraudulent transactions.
You will be required to follow these steps to withdraw cash using OTP:
Firstly, Insert the debit card and enter the ATM pin also the amount desired to withdraw; next the system will ask to enter the OTP which will be received via SMS on the registered mobile number with a blank.
Secondly, Enter the OTP which has been received on your phone, then copy it on the ATM screen and the transaction will be over.
The SBI offers five free transactions for customers to maintain a monthly balance of up to Rs 1 lakh at the ATMs in Delhi, Kolkata, Mumbai, Chennai, Bengaluru and Hyderabad. The free transactions are recorded to get capped at three and other bank ATMs.
SBI charges Rs 5-20 for transactions beyond the free limit also depending upon the type of transaction and the ATM. For withdrawing money from the bank’s ATM SBI charges Rs 10 while levies Rs 20 for financial transactions from other ATMs.
Finally, for non-financial transactions like checking account balance, customers are charged with Rs 5 at SBI ATM and Rs 8 at other bank ATMs.