Planning To Withdraw Cash From ATMs: Cash Withdrawal Process Changes

Leading public lender State Bank of India (SBI) has initiated the one-time password (OTP) based cash withdrawal service. It effectively protects its customers against fake ATM transactions.

According to a report, very soon a large number of banks may opt for this method of cash withdrawals from ATMs. It will enhance protection against illegal transactions.
According to SBI, customers will be required to enter the OTP during the cash withdrawal at ATMs in order to complete the transaction. It is worth noting that SBI customers withdrawing over Rs 10,000 at ATMs will require the OTP to complete the transaction.

The OTP will be a system generated 4-digit number that the customers will receive on their registered mobile numbers. The OTP will validate the cash withdrawal and will have validity only for one transaction.

SBI launched the OTP based cash withdrawal services on January 1, 2020. SBI has been actively making customers aware about ATM frauds every now and then via social media and other useful platforms.

Therefore, customers withdrawing Rs 10,000 or above in 1 transaction at the SBI ATMs will require the OTP to complete the transaction.

This is how customers need to withdraw cash using OTP:

Carry your debit card and mobile with you whenever you need to withdraw cash at SBI ATM

After inserting debit card, enter PIN and withdrawal amount

You will be asked for the OTP that has validity for 1 transaction

Customers will get OTP on their registered mobile number through SMS

Now enter OTP on ATM

Soon after entering the valid OTP, the transaction will be done