SBI ATM cash withdrawal rules: Key things you need to know

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SBI ATM cash withdrawal rules: To avoid fraudulent ATM transactions, the country’s top lender State Bank of India (SBI) started a one-time password (OTP) based cash withdrawal facility at ATMs. To avail this facility, SBI customers need to carry their mobile to the ATMs as the OTP to withdraw cash is sent on their mobile number registered with the bank.

How does SBI OTP-based ATM cash withdrawal facility work

SBI customers can use this facility to withdraw cash amount of Rs10,000 and above from its ATMs by entering an OTP sent on their registered mobile number, along with their debit card PIN each time. This facility is active since 1 January 2020.

On December 26, 2019, SBI had taken to Twitter 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.”

 

Here’s how the OTP based cash withdrawal system works:

-In order to withdraw cash at SBI ATMs, you will need an OTP

-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.

-Once you enter the amount that you wish to withdraw, the ATM screen will display the OTP screen.

-Now, you will have to enter the OTP received on your mobile number registered with the bank on this screen for getting the cash.

SBI’s WhatsApp banking services work

SBI has also launched its WhatsApp Banking service. You can check your account balance and mini statement at the State Bank of India (SBI) through WhatsApp now.

For registering, the account holder should send an SMS to 7208933148 with the text ‘WAREG’ and your account number with a space between them from their registered mobile number. After completing the registration process, you will receive a message from SBI’s number 90226 90226 on your WhatsApp number.

 

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