In order to protect its users from the ATM-related frauds, India’s largest public sector bank, the State Bank of India (SBI) has introduced a one-time password (OTP) based cash withdrawal system. This new system is applicable from January 1, 2020, across all SBI ATMs from 8 PM to 8 AM in India. However, this facility will be available only on the transactions above than Rs. 10,000.
How SBI customers will withdraw cash with the new OTP based system?
SBI cardholders will have to enter an OTP for cash withdrawal from the ATM of SBI bank. After the amount that is to be withdrawn is entered in the ATM by the SBI customer, the next screen will be the one where customers have to enter the OTP. Once the OTP received on the registered mobile number is entered, the cash can be withdrawn from the ATM. However, you will get OTP only on the transactions above than Rs. 10000 and on SBI bank ATMs only from 8 PM to 8 AM.
What is an OTP?
One-time password or OTP is a system-generated numeric string of characters authenticating the user for a single transaction. This will protect the SBI customers from tricksters.
What is NFS?
National Financial Switch or commonly known as NFS is the largest interoperable ATM network in India. NFS manages 95% of the domestics interbank ATM transactions.
Always carry the registered mobile number along with you if you are an SBI customer. In addition to this, if your phone number is not updated, please update the current mobile number with the bank for this facility. As of now, banks apart from SBI, alerts its customers through SMS on the registered mobile number upon deduction of the amount to protect their customers from tricksters.
SOURCE: bit.ly/2Neypuz