SBI ATM cash withdrawal rules: To prevent fraudulent ATM transactions, the country’s largest lender, State Bank of India (SBI), implemented an OTP-based cash withdrawal facility at ATMs. SBI customers must bring their mobile phone to ATMs to use this service because the OTP to withdraw cash is sent to the mobile number registered with the bank.
How does SBI OTP-based ATM cash withdrawal facility work
SBI customers can use this service to withdraw cash from ATMs worth Rs10,000 or more by entering an OTP sent to their registered mobile number, along with their debit card PIN, each time. This facility has been operational since January 1, 2020.
SBI announced on Twitter on December 26, 2019, that this facility will be available at all SBI ATMs beginning January 1, 2020. “Introducing the OTP-based cash withdrawal system, which will help protect you from unauthorised ATM transactions. This new safeguard system will be implemented across all SBI ATMs on January 1, 2020.”
The following is how the OTP-based cash withdrawal system works:
-An OTP is required to withdraw cash from SBI ATMs.
-You will receive an OTP to your registered mobile number.
-An OTP is a four-digit number that is used to authenticate the user for a single transaction.
-After entering the amount to be withdrawn, the ATM screen will display the OTP screen.
-To obtain the cash, you must now enter the OTP received on your registered mobile number on this screen.
SBI’s WhatsApp banking services work
SBI has also introduced WhatsApp Banking. You can now check your State Bank of India (SBI) account balance and mini statement via WhatsApp.
To register, the account holder should send an SMS from their registered mobile number to 7208933148 with the text ‘WAREG’ and your account number separated by a space. After completing the registration process, you will receive a message on your WhatsApp number from SBI’s number 90226 90226.