How SBI OTP Based Cash Withdrawal Can Protect You From Frauds?

The country's largest lender, State Bank of India, allows its customers to withdraw cash from SBI ATMs using an OTP. Last year, SBI enhanced the limit of OTP-based cash withdrawals to Rs 10,000 and above, necessitating customers to keep their mobile handy in order to get OTP on their registered mobile number, enhancing security against unauthorised transactions.

"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," SBI said in a statement last year. However, according to a recent tweet SBI has claimed that "Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority."

Here's how the OTP based cash withdrawal system will work according to SBI

In order to make OTP-based cash withdrawals at SBI ATMs, customers are required to have their mobile number linked with their savings accounts to get a one-time password (OTP) on their registered mobile number for secure transactions. Customers of SBI can follow the steps listed below to make cash withdrawals according to a Tweet of SBI.

• An OTP will be sent to your registered mobile number.
• The OTP is a four-digit number that authenticates the user for a single transaction.
• This will protect SBI Cardholders from unauthorised ATM cash withdrawals.

SBI also adjusted service charges for Basic Savings Bank Deposit (BSBD) account holders in July this year. ATM withdrawals, cheque books, transfers, and other non-financial transactions would all be subject to the new revised charges. Following the most recent revisions, SBI now enables four free cash withdrawal transactions through Branch Channel/ATM, after which a fee of Rs 15 + GST per cash withdrawal transaction will be levied. SBI now handles over 45 crore customers through its enormous network of over 22,000 branches, 62617 ATMs/ADWMs, and 71,968 BC outlets.

SBI is India's largest public sector bank, with a spread of over 25000 branches situated even in the most distant corners of the country. The State Bank of India (SBI) provides both corporate and retail customers with a comprehensive range of banking products and services. The State Bank of India's internet banking portal is known as OnlineSBI at which both retail and corporate customers can access their accounts from anywhere, at any time. The platform enables accounts in over 25,000 bank branches across India to have a uniform, encrypted access to online banking services.