There is news for SBI customers. The bank has modified the guidelines for using ATMs to withdraw cash. To use an SBI ATM, you must now enter a specific number. This is because cash will become stuck if this number is not entered. The SBI bank made this step to increase the security of ATM transactions. Let's know more about this rule.
According to information provided by the bank, the customer is permitted to withdraw cash with OTP under this new regulation. Customers receive an OTP on their mobile phone at the moment of cash withdrawal, and only after entering may cash be withdrawn from the ATM.
Bank has given information.
SBI bank has already provided information about this rule. According to the bank, our OTP-based cash withdrawal mechanism for transactions at SBI ATMs is a vaccination against fraudsters. Therefore, our first aim will always be to protect you from fraud. Therefore, customers of SBI should be familiar with the operation of the OTP-based cash withdrawal system.
Know what the rule is?
The bank has imposed a new policy on withdrawals of Rs 10,000 and above to protect customers against fraud. With an OTP delivered from their bank account to their registered mobile number and their debit card PIN, SBI allows clients to withdraw amounts totaling Rs 10,000 or more from their ATM each time. Let's know its entire procedure.
Know the complete process here
1. You will need the OTP, or else you will be unable to withdraw cash.
2. Next, an OTP will be sent to your registered mobile number.
3. The customer will receive a single transaction's worth of this four-digit OTP.
4. The ATM screen will prompt you to enter OTP after you have entered the desired withdrawal amount.
5. You must input the OTP sent to the mobile number you registered with the bank for a cash withdrawal on this screen.
Why is OTP-based cash withdrawal necessary?
The bank responded to the inquiry by saying, "This move has been taken to protect the consumers against fraud." The country's biggest public sector bank is SBI. It has India's largest branch network, with 22,224 branches, 63,906 ATM/CDMs, and 71,705 BC outlets. There are roughly 91 million and 20 million clients utilizing Internet Banking and Mobile Banking, respectively.