To protect customers from fraud and unauthorized transactions at ATMs, the SBI (State Bank of India) has issued a warning to its customers and asked them to avail the bank’s OTP based cash withdrawal facility.
When you will begin with your ATM transactions, the bank will send you an OTP to your registered mobile number if you’re withdrawing Rs 10,000 or more from the ATMs. This OTP based service will make the ATM counters safe.
Notably, SBI has made this OTP-based cash withdrawal facility functional since January 1, 2020. “Our OTP-based cash withdrawal system for SBI ATM transactions is a fraud-prevention vaccine. Our first aim will always be to keep you safe from fraud,” SBI tweeted.
How to use OTP based cash withdrawal facility?
- An OTP is required to withdraw cash from SBI ATM.
- After you begin the process of withdrawal, you will receive an OTP on your registered mobile number.
- The OTP screen will appear after you have entered the amount you want to withdraw on the ATM screen.
- Enter the OTP that you received on your mobile number.
- Your cash will be processed.
Recently, RBI Governor Shaktikanta Das said that UPI transactions at ATMs will be implemented to reduce financial fraud. Read more about the UPI based transactions here.
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