State Bank of India (SBI) on Tuesday said it will allow its customers to make OTP- or one-time passcode-based withdrawals from its ATMs round the clock from Friday. OTP-based withdrawals of Rs 10,000 and above will be available 24x7 at its ATMs with effect from September 18, the country's largest bank said in a statement, urging its customers to get their mobile number registered or updated, in order to use the facility. The move is aimed at safeguarding customers from frauds and minimizing unauthorised transactions, SBI said.
SBI had introduced OTP-based cash withdrawals for 12 hours a day (from 8 am to 8 pm) with effect from January 1.
From September 18, this facility will be available 24 hours a day, across all State Bank of India ATMs in the country.
The introduction of round-the-clock OTP-based cash withdrawals has further strengthened the security system in ATMs, SBI said.
"SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level," said CS Setty, managing director (retail and digital banking), State Bank of India.
How To Withdraw Cash Using OTP-Based Method
This facility is only applicable to SBI debit card holders for withdrawing cash of Rs 10,000 and above.
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. This will be sent to the customer's registered mobile number.
The facility is only available at State Bank of India ATMs.