05 July Sunday

SBI To Launch OTP-based Cash Withdrawal At ATMs From 1 Jan

Web Desk‌Updated: Saturday Dec 28, 2019

MUMBAI :  In a bid to prevent unauthorized withdrawals, the State Bank of India(SBI) will switch to a One-Time Password(OTP) withdrawal system at all its ATMs from January 1, 2020 onwards.

 

Upon inserting the ATM card the screen, the customer will receive an OTP on their mobile number registered with SBI, which has to be keyed in, instead of the pin for the same transaction up to now. The new system will be applicable for transactions above Rs 10,000 between 8 pm to 8 am.

 

However the facility won’t apply to SBI customers’ transactions at another bank’s ATM, as the functionality has not been developed in the National Financial Switch(NPS).







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