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Bank announces major change in ATM transaction from January: Details inside

India’s largest bank State Bank of India (SBI) is all set to launch a new one-time password (OTP)-based ATM cash withdrawal facility from January 1, 2020. This will be an overnight service (8 p.m.-8 a.m.).

As per this while withdrawing cash, the customer will receive an OTP on the mobile number registered with the bank. The OTP-based withdrawal is applicable only to withdrawals from SBI ATMs for withdrawing above Rs.10,000.

SBI

Once the cardholder enters the withdrawal amount, the ATM screen displays the OTP fields. The customer has to then enter the OTP received on the mobile number registered with the bank for getting the cash. The facility will not require any major change in the current process to withdraw cash from State Bank ATMs.

https://www.facebook.com/StateBankOfIndia/photos/a.513178328732970/2908737722510340/?type=3&theater

This facility will not be available for transactions where a State Bank cardholder withdraws cash from another bank’s ATM.

This will safeguard the SBI customers against the risk of unauthorized ATM transactions using skimmed or cloned cards, State Bank said.

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