Mumbai INdia 31 Dec 2019: To minimie number of unauthorized transactions happenning in ATMs, State bank of inida has now announced the launch of OTP (One Time Password) based ATM withdrawal for transactions above Rs. 10,000 betweeen 8PM to 8AM. With introdcution of this SBI cliams to have added another layer of security for cash withdrawals which will safegaurd the customers against the risk of unauthorized transactions on account of skimmed / cloned cards while withdrawing cash at State Bank ATMs. The OTP will be received on the customer’s mobile number registered with the bank.
The OTP will be a 6 digit number and will be sent as SMS to the mobile phone. SBI informs that the facility will not require any major change in the system and will be avialable only for SBI account holders using SBI ATMs. The facility will not be available for Other Bank ATM cards used in SBI ATM machines or when SBI ATMs are usin in other banks ATM machines.