Alert State Bank Of India Customers: Transact Safely Using OTP Based Cash Withdrawal

In a recent tweet from its official twitter handle State Bank of India @TheOfficialSBI the country's top lender tweeted 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". The country's top state run lender SBI last year in January introduced OTP based cash withdrawal facility.

Alert State Bank Of India Customers: Transact Safely Using OTP Based Cash Withdrawal

How can SBI customers use OTP based cash withdrawal facility to prevent fraudulent transactions?

When customers of State Bank of India will visit the SBI ATM for cash withdrawal and use this facility then an OTP will be sent to their registered mobile number and once they authenticate the transaction by providing or entering the received OTP then they will be able to execute the withdrawal transaction at SBI ATM. OTP or one time password is a 4-digit number that authenticates the identity of the user for the transaction. The facility shall protect SBI cardholders against unauthorised cash withdrawals.

The facility is in lieu of withdrawal over Rs. 10000 or more from SBI ATMs.

GoodReturns.in