SBI - OTP mandatory to withdraw cash from ATMs!
Posted on: 28/Dec/2019 11:09:05 AM
The country�s premier public sector bank, State Bank of India (SBI) has made a new condition that OTP (One Time Password) is mandatory when customers withdraw cash more than Rs. 10000. This will be effective from 1st January 2020.
In recent times, there has been an increasing trend of stealing money from the ATMs from others� accounts by installing a device called �skimmer�,
In order to prevent this SBI had reduced the maximum cash withdrawn at 1-time from ATM to be Rs. 20000 from the earlier limit of Rs. 40000.
In this scenario, SBI is set to introduce the usage of OTP to be mandatory when withdrawing cash amount of more than Rs. 10000 from ATMs.
A notification released by SBI in this regard mentions:
In order to reduce the increasing trend of illegal withdrawal of cash from others� savings accounts; we are introducing a new system of using OTP (One Time Password). This regulation would function from 8.00 PM to 8.00 AM the next day. This OTP will be sent to the mobile phone number furnished by the accounts holder. This system will prevent illegal withdrawals from ATMs thus protecting the ATM customers.
This regulation would be effective from 1st January 2020. However, customers MUST note that this would be applicable only when using ATMs installed by SBI, It WILL NOT Be applicable when SBI customer uses the ATMs of other banks.
