How SBI customer withdraw cash through OTP from January 1, 2020 between 8 pm and 8 am.
SBI’s OTP-based cash withdrawal system will be active across all SBI ATMs with effect from January 1, 2020 between 8 pm and 8 am.
You will receive OTP on your registered mobile number only when you withdraw cash over and above Rs 10,000 between 8 pm and 8 am.
As of now, the banks alert customers through SMSes whenever money is debited from their account.
This facility will not be applicable for transactions at other bank’s ATM as this functionality has not been developed in the National Financial Switch (NFS).
NFS is the largest interoperable ATM network in India, and it manages more than 95% of the domestic interbank ATM transactions.
This additional factor of authentication will protect SBI customers from unauthorised ATM cash withdrawals.
How to Use the SBI OTP Based ATM Cash Withdrawal
The following steps will need to be followed for cash withdrawals:
The cardholder needs to enter his card into the SBI ATM machine.
Once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen.
OTP will be received on the customer’s mobile number registered with the Bank.
The customer has to input the OTP received on his mobile number registered with the Bank in this screen for getting the cash.
However, this facility will safeguard the customers against the risk of unauthorized transactions on account of skimmed or cloned cards, while withdrawing cash at State Bank ATMs.
Furthermore you need to get a new EMV Chip ATM card, If your card is a magstripe card, as it will get blocked due to RBI directives to discontinue the operation of magstripe cards.