Banks keep on revising and updating their processes to keep the hard-earned money of their customers secure. The State Bank of India(SBI) has changed the rules for withdrawing cash from ATM. Read on to find out about the financial news today.
Changes In Cash Withdrawal Process For SBI ATM
Those who use SBI ATMs and are withdrawing more than Rs.10,000 will need a one-time password (OTP) for completing the transaction process. The State Bank of India has introduced this process in order to protect customers against fraud and scams. It is also being said that other banks are also coming up with similar processes to make safer transaction processes for their customers.
The process will add an extra layer of protection against unauthorized transactions. As per theSBI, customers will have to enter the OTP during the cash withdrawal at ATMs to complete the transaction. The four-digit one-time password (OTP) will be sent to the registered mobile number of the user. The OTP sent will be applicable for a single transaction only. This system of using OTP for cash withdrawal by introduced in January 2020. One of the largest banks in the country, SBI has always been appealing to its customers to switch to this process for safer monetary transactions.
Process of Cash Withdrawal
Using the below-mentioned steps, you can withdraw the cash using your ATM card and OTP.
- Make sure that you are carrying your mobile phone with you at the ATM as it requires OTP for further process.
- Insert your debit card and enter the ATM PIN along with the withdrawal amount, you will be asked for the OTP.
- You will receive the four-digit OTP via SMS
- Enter the correct OTP received.
- Complete the transaction process and withdraw the cash.