SBI ATM transaction: OTP-based withdrawal will be a 24X7 feature from September 18 — Here’s everything you need to know

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  • State Bank of India will now be extending the OTP-based cash withdrawal facility for ₹10,000 and above round the clock day across all its ATMs in India.
  • The bank said this facility would be available from September 18 onwards.
  • Under this, all SBI debit cardholders withdrawing ₹10,000 and above will have to enter OTP sent to the mobile number they have registered with the bank along with their debit card PIN every time.
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India’s largest bank, State Bank of India (SBI), will now be extending the OTP-based cash withdrawal facility for ₹10,000 and above round the clock day across all its ATMs in India.

The bank said this facility would be available from September 18 onwards. Earlier in January, for customer safety, the bank had introduced the OTP based cash facility for withdrawals above ₹10,000 between 8 PM to 8 AM. Under this, all SBI debit cardholders withdrawing ₹10,000 and above will have to enter OTP sent to the number they have registered with the bank along with their debit card PIN every time.

“With the introduction of a 24x7 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,” State Bank of India said in a statement.

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The bank has also urged all its customers to register or update their mobile numbers. It also must be noted that the OTP-based cash withdrawal facility will only be available at SBI ATMs, the bank said.

What is OTP, and how will it work at SBI ATM?

OTP or one-time password is a system-generated numeric string of characters that authenticates the user for a single transaction.

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Once the debit cardholder enters the amount they wish to withdraw from their account, the ATM screen will ask for the OTP sent on their mobile number. The customer will have to input the same to verify their identity.

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