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SBI's OTP based ATM transactions from today
State Bank of India announced the launch of OTP-based ATM withdrawal, effective from today (January 1, 2020).
Hyderabad: State Bank of India announced the launch of OTP-based ATM withdrawal, effective from today (January 1, 2020). It is applicable for transactions made between 8 pm to 8 am and for withdrawal amount Rs above 10,000.
The bank said, the one-time-password will be received on the customer's mobile number registered with the bank. It will be active on transaction made across all State Bank ATMs only, it added.
"This facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another Bank ATM, as this functionality has not been developed in National Financial Switch (NFS)," SBI said.
In this process, once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen.
The customer has to input the OTP received on their mobile number registered with the Bank. This will safeguard the customers against the risk of unauthorised transactions on account of cloned cards, the bank added.
