SBI customers will need to enter OTP for ATM cash withdrawal over RS.10,000.
You all know that security is our first priority. Recently we heard some news like online bank robbery, government servers hacked by servers, etc....
To save them from all this reasons India's largest bank: 'State Bank of India' has announced the launch of OTP based ATM cash withdrawal, wherein the users will need to enter OTP for any cash withdrawals more than RS.10,000.
SBI announced new OTP based transaction
This is a big step from SBI for curb ATM frauds, which have increased lately, and affected hundreds of SBI customers all over the country.
SBI'S OTP based cash withdrawal: How will it work:-
Effective January 1st, SBI customers having SBI debit cards, can visit any SBI ATM and withdraw cash via OTP, if the transaction is 10,000 or above then SBI send OTP on your mobile number then type sended OTP after you get a cash. Hence, this is will added a new layer of transaction.
SBI announced this new OTP cash withdrawal via tweet:-
OTP based ATM cash withdrawals will help stop ATM frauds:-
ATM frauds is a serious issue, spreading like a fire, across the nation.
In such frauds, the scamsters copy the data saved in the magnetic strip, and/Or chip, and then make clone that debit card to withdraw authorized cash.
May be this step stop the frauds. People will make more trust on SBI bank for saving money.
Rules for the OTP cash withdrawal:-
1) This OTP rule only work in which are transaction is RS.10,000 or above.
2) Besides, such OTP transaction will only be allowed between 8AM to 8PM, only at SBI ATM's.
3) Bank users from other bank cannot use this OTP based cash withdrawal, and likewise, SBI users cannot use this facility at other ATM's.
Please guys, DO NOT SHARE YOUR OTP OR CVV NUMBER WITH OTHERS AND BE SAFE ABOUT ONLINE TRANSACTIONS.
This is a big step from SBI for curb ATM frauds, which have increased lately, and affected hundreds of SBI customers all over the country.
SBI'S OTP based cash withdrawal: How will it work:-
Effective January 1st, SBI customers having SBI debit cards, can visit any SBI ATM and withdraw cash via OTP, if the transaction is 10,000 or above then SBI send OTP on your mobile number then type sended OTP after you get a cash. Hence, this is will added a new layer of transaction.
SBI announced this new OTP cash withdrawal via tweet:-
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In such frauds, the scamsters copy the data saved in the magnetic strip, and/Or chip, and then make clone that debit card to withdraw authorized cash.
May be this step stop the frauds. People will make more trust on SBI bank for saving money.
Rules for the OTP cash withdrawal:-
1) This OTP rule only work in which are transaction is RS.10,000 or above.
2) Besides, such OTP transaction will only be allowed between 8AM to 8PM, only at SBI ATM's.
3) Bank users from other bank cannot use this OTP based cash withdrawal, and likewise, SBI users cannot use this facility at other ATM's.
Please guys, DO NOT SHARE YOUR OTP OR CVV NUMBER WITH OTHERS AND BE SAFE ABOUT ONLINE TRANSACTIONS.
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