The State Bank of India is all set to introduce OTP-based ATM Withdrawal from January 1, 2020, with a view to minimizing unauthorized transactions on ATMs.
According to the SBI, the OTP-based cash withdrawal system will be active across all State Bank ATMs from January 1, 2020, between 8 AM to 8 PM. Customers can withdraw amounts above Rs 10,000 only via the OTP-based system.
SBI in a Tweet said, "Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from January 1, 2020, across all SBI ATMs."
Till now, SBI customers could simply walk into the ATM and withdraw cash just by entering their PIN. The new rules will safeguard the customers against the risk of unauthorized transactions on account of skimmed/cloned cards while withdrawing cash at SBI ATMs.
It should be noted that this facility will not be applicable for transactions where a State Bank cardholder withdraws cash from another bank's ATM, because this functionality has not been developed in National Financial Switch (NFS).