SBI to launch OTP-based cash withdrawal at all its ATMs from January 1, 2020 onwards
However, the facility won't apply in case of transactions made by SBI card holders at any other bank's ATM.
December 27, 2019 / 08:47 PM IST
The State Bank of India (SBI) will switch to a one-time password (OTP) based cash withdrawal system at all its ATMs from January 1, 2020, onwards.
With this latest move, the lender aims to ensure the protection of its customers from unauthorised transactions at ATMs.
"Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs," SBI said in a tweet.
The new OTP-based ATM withdrawal will be applicable for transactions above Rs 10,000, between 8 pm to 8 am. Customers withdrawing cash from SBI ATMs will receive an OTP on their mobile number registered with the bank. However, the facility won't apply in case of transactions made by SBI card holders at any other bank's ATM.