The State Bank of India (SBI) offers a secure way to withdraw cash over ₹10,000 across all SBI ATMs. This new feature, allows ATM cardholders to withdraw cash with the help of a one-time password (OTP). SBI tweeted: "The new OTP-based cash withdrawal system has been in effect at all of our ATMs. Protect yourself from unauthorized transactions at all SBI ATMs from 8:00 pm to 8:00 pm
Here's how to withdraw cash from SBI ATMs through an OTP-based system:
1) To withdraw cash from SBI ATMs, you will need an OTP
2) OTP will be sent to your registered mobile phone number.
3) Once you have entered the amount you want to withdraw, the ATM screen will show the OTP screen.
4) Now, you will need to enter the one-time password received on your bank registered mobile phone number on the screen to get cash.
5) This additional authentication factor will protect SBI cardholders from unauthorized cash withdrawals from ATMs.
6) SBI's OTP-based cash withdrawal system applies to transactions above ₹10,000.
7) SBI's OTP-based cash withdrawal system is active between 8 pm and 8 am.
8) This facility for cash withdrawals from SBI ATMs will not apply for transactions, where SBI cardholder withdraws cash from another bank’s ATM.
The country's top lender, the SBI, revised its ATM withdrawal charger effective July 1. Due to the Coronavirus pandemic, the SBI announced a waiver of ATM service charges for a period of three months, till 30 June.
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