The bank has stated that the new OTP requirements will be applicable to ATM withdrawals of Rs 10,000 or more.
State Bank of India (SBI) has made a major update that all SBI account holders should know. SBI has made significant adjustments to its standards in order to improve the security of its ATM operations. If you want to ensure that you have a hassle-free cash withdrawal from an ATM, it is critical that you understand these guidelines.
The bank recently revealed that all SBI customers will now be allowed to receive cash from ATMs solely using an OTP above a specific pre-set limit. When you withdraw money from an ATM in this case, the bank will issue an OTP to your phone number, and you will be allowed to transfer your cash just after typing it into the machine. SBI has disseminated this information on Twitter. ‘Our OTP-based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters,’ the bank said in a tweet.
What is the objective of the new rule?
The Bank's first objective is to safeguard clients from scam. The bank has stated that OTP requirements will only be applied to ATM withdrawals of Rs 10,000 or more. For withdrawals of Rs 9,999 or less, you will not be required to input an OTP. This move was made by the bank to protect consumers against deception.
SBI, India's largest public sector bank, has the country's greatest network of 22,224 branches, 63,906 ATM/CDMs, and 71,705 BC locations. The bank's online banking and mobile banking services are used by around 91 million and 20 million customers, respectively.
Procedure to withdraw cash from ATM
OTP will be required if you withdraw Rs 10,000 or more from an SBI ATM. Only the customer's registered mobile number will receive an OTP. The four-digit OTP will only be acceptable for one operation.
When you put in a sum of Rs 10,000 or more in an ATM machine, you'll see a notification asking you to submit an OTP on the monitor. Only after submitting the four-digit OTP sent on the linked phone number can money be collected.
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 "SBI alert: Major change in ATM withdrawal process that all customers should know")
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