How To Make Cash Withdrawal From SBI ATM Using OTP & YONO Mobile App?

In order to counter money laundering frauds, and ATM skimming, the country's largest lender State Bank of India (SBI) had last year launched an OTP-based cash withdrawal system and YONO Cash in 2019. These two mechanisms provide a higher level of security for cash withdrawal transactions. The OTP-based cash withdrawal system allows SBI customers to withdraw cash from any SBI ATM by generating a one-time password on their registered mobile number, whereas the YONO Cash system enables customers to withdraw money instantly from any SBI ATM, SBI Merchant POS terminals, or Customer Service Points (CSPs) throughout India without using their physical card or filling out a withdrawal form. Both mechanisms are unique in their own manner, and each has its own set of customer-friendly perks, which we'll go over in more detail below.

SBI OTP Based Cash Withdrawal System

SBI stated on the 4th of December 2021 via a Tweet 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." Customers will get a one-time password on their registered mobile number, which they must verify at an ATM before withdrawing cash worth more than Rs. 10,000. For a single cash withdrawal transaction, this OTP-based cash withdrawal system verifies the customer and his or her mobile number. Here's how the OTP-based cash withdrawal mechanism works, according to the SBI tweet.

• A one-time password (OTP) will be sent to the customer's registered mobile number when making a cash withdrawal at any SBI ATM. This OTP will be a four-digit number that will be used to verify the user's identity for a single transaction.
• According to SBI, this will protect SBI Cardholders from unauthorised ATM cash withdrawals.
• The OTP-based cash withdrawal system is applicable on withdrawals of Rs. 10,000 and above at SBI ATMs.

SBI YONO Cash

YONO Cash, which was launched in 2019, is a method that can be used on both the YONO App and the YONO web portal. Customers of SBI can withdraw cash without using their physical card at any SBI ATM, SBI Merchant POS terminals or Customer Service Points (CSPs) by logging into the YONO platform and using the YONO Cash function to get a reference number and create a dynamic PIN for the cash withdrawal.

They can then finish the transaction by using the same PIN to withdraw cash from SBI ATM, POS terminal, or CSP. Carrying a physical card for cash withdrawal has a number of drawbacks, including the possibility of card theft, surfing, card trapping, skimming, and even ATM card stuck at the ATM due to ATM machine malfunction. The most common issue is that you must always need to remember your card PIN, which might be forgotten at any time. The YONO Cash system is meant to help you overcome all of these shortcomings.

Steps to follow for using YONO Cash withdrawal system

• Open the YONO App and sign in to your account using the required credentials.
• On the homepage, tap on 'YONO Pay' and select the 'YONO Cash' option.
• Now under the 'YONO Cash' option, tap on the ATM option.
• Now select your debit account and enter the amount that you need to withdraw.
• Now create a 'YONO Cash PIN' and tap on 'Next'.
• Now review the transaction details and accept the Terms and Conditions by tapping on 'Confirm'.
• You will now get a YONO Cash Reference Number on your registered mobile number or email address which will be good for four hours.
• Now check for the Nearest YONO Cash Points or you can also directly visit your nearest SBI ATM.
• Now enter the YONO Cash Transaction Number received through SMS and email and enter the same amount that you have submitted earlier during the Transaction Reference Number generating process.
• Now enter the YONO Cash PIN generated by you and upon successful authentication, your transaction will be successful.

SBI Cash Withdrawal Limit & Charges

At the moment, SBI offers four free transactions at bank ATMs. The bank would charge a fee of Rs. 15 + GST for each cash withdrawal transaction at a Branch Channel/ATM beyond the free limit. Cash withdrawal charges will be applicable at SBI and non-SBI ATMs as well as home branches.