The State Bank of India (SBI) has changed some rules for withdrawing money that is Rs 10,000 or more. As per the new rule, the SBI account holders will get a one-time-password (OTP) on their registered mobile number which they will have to enter along with their debit card pin. This will be applicable from Friday, September 18.
Basically, whenever an SBI account-holder has to withdraw Rs 10,000 and above, will have to ensure that they are carrying their mobile phone. This additional factor of authentication has been introduced in order to reduce the chances of theft and fraud.
In an official statement released by the bank reads, “With the introduction of a 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning, and the likes”.
Here is how the process of cash withdrawal will be like for SBI account holders:
Step 1: Insert the card in the ATM machine and enter the amount
Step 2: an OTP will be sent on the number that is registered with the State Bank of India account
Step 3: enter the card pin and the OTP sent on your mobile
Step 4: you will be able to withdraw your money
It must be noted that this extra layer of authentication feature is currently only for the State Bank of India account holders. Other banks do not have this facility as it has not been developed at non-SBI ATMs in National Financial Switch (NFS).
In a tweet, the bank wrote, “Your transactions at SBI ATMs are now more secure than ever. SBI extends OTP based cash withdrawal facility to 24×7 for amount ₹10,000 and above from 18.09.2020.” Along with the text the bank has also shared a graphic in which they have explained the reason behind this layer of authentication.
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