withdraw cash from SBI ATM using OTP

How to withdraw cash from SBI ATM using OTP

withdraw cash from SBI ATM using OTP

The State bank of India (SBI) has increased the security level of ATM cash withdrawals by introducing a 24-hour OTP-based cash withdrawal option. SBI, in January, 2020, launched a one-time password (OTP)-based cash withdrawal system for its ATMs. “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,” SBI tweeted from its official Twitter account.

The OTP is a numeric string of characters created by the system that authenticates the user for a single transaction. This OTP-based cash withdrawal facility is available for transactions above Rs 10, 000 and at SBI ATMs.

According to the SBI tweet, here is how OTP-based cash withdrawal system functions

  • SBI cardholders will receive an OTP on their mobile number registered with SBI at the time of initiating the cash withdrawal process at the ATM. An OTP will be sent to your registered mobile number.
  • The OTP is a four digit number that authenticates the user for a single transaction. The SBI cardholder has to enter the OTP received on his/her mobile number registered with the bank in this screen for withdrawing the cash.
  • This will protect SBI cardholders from unauthorized ATM cash withdrawals.

“This will safeguard the customers against the risk of unauthorized transactions on account of skimmed /cloned cards, while withdrawing cash at SBI ATMs,” said a earlier Facebook post by SBI.

“The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect SBI card holders from unauthorized ATM cash withdrawals,” the Facebook post added.

FAQS

How can I get OTP from ATM?

Here’s How OTP Based Cash Withdrawal Works

  1. Enter your debit card in the ATM machine.
  2. Enter your debit card pin.
  3. Enter the amount your want to withdraw.
  4. An OTP will be sent to your registered mobile number.
  5. Enter that OTP in the ATM machine and proceed.
  6. Collect the cash and take your debit card.

Is OTP required for debit card transactions?

For each withdrawal, the customer is required to enter the debit card PIN along with the OTP (received on the registered mobile). Once the customer enters the withdrawal amount, the ATM will ask for the OTP.

How much amount can be withdrawn from SBI ATM without OTP?

Also, for withdrawing cash from ATM more than Rs 10,000, SBI debit cardholders will require One Time Password (OTP). If SBI ATM users withdraw over Rs 10,000 from ATM of SBI, they will have to enter OTP, sent on registered mobile number, along with their debit card PIN each time.

How can I register my mobile number in SBI?

  1. Login to your SBI internet banking.
  2. Now, go to ‘My Accounts & Profile’.
  3. Now, click on ‘Profile’.
  4. Select ‘Personal Details/Mobile’.
  5. Now, click on Quick Contact and then click on the edit icon.
  6. Enter the new mobile number.

How can I get OTP for Yono SBI?

The “Online” option in Onlinesbi and Yono Lite SBI is preselected in the transaction confirmation page then please select “Online OTP” in the SBI Secure OTP app to generate the OTP.

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