SBI brings in OTP-based ATM withdrawal service; check details
Lately SBI has been creating awareness about ATM frauds from time to time through social media and other platforms.
- Jul 25, 2022,
- Updated Jul 25, 2022 5:13 PM IST
The State Bank of India (SBI) has launched a new rule to avoid fraudulent ATM transactions. The SBI customers will now have to enter a one-time password (OTP) while withdrawing cash at ATMs to complete the transaction.
But according to the bank, this is applicable for people withdrawing Rs 10,000 or more in one transaction at SBI ATMs, as an extra layer of protection against fraud.
The SBI has taken to Twitter on December 26, 2019, to announce that this facility will be applicable from January 1, 2020, across all SBI ATMs. "Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs," the lender in the country had tweeted.
The SBI has been creating awareness about ATM frauds from time to time through social media and other platforms.
The OTP is a system-generated four-digit number, which goes to the registered mobile number of the customer and it is valid for only one transaction.
SBI has also launched its WhatsApp Banking service. One of India's largest banks announced the launch of the service through an official tweet on Thursday. Such banking services available on WhatsApp will make life easy for users, mainly because they will not need to download a new app or go to the ATM to check their account balance.
The State Bank of India (SBI) has launched a new rule to avoid fraudulent ATM transactions. The SBI customers will now have to enter a one-time password (OTP) while withdrawing cash at ATMs to complete the transaction.
But according to the bank, this is applicable for people withdrawing Rs 10,000 or more in one transaction at SBI ATMs, as an extra layer of protection against fraud.
The SBI has taken to Twitter on December 26, 2019, to announce that this facility will be applicable from January 1, 2020, across all SBI ATMs. "Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs," the lender in the country had tweeted.
The SBI has been creating awareness about ATM frauds from time to time through social media and other platforms.
The OTP is a system-generated four-digit number, which goes to the registered mobile number of the customer and it is valid for only one transaction.
SBI has also launched its WhatsApp Banking service. One of India's largest banks announced the launch of the service through an official tweet on Thursday. Such banking services available on WhatsApp will make life easy for users, mainly because they will not need to download a new app or go to the ATM to check their account balance.