Important news for SBI customers: The rule of withdrawing cash from ATMs will change from September 18, know what you have to do to withdraw money now?
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- The bank has decided to implement OTP based ATM withdrawal facility from 24×7
- This rule of ATM Cash Withdrawal will be applicable across the country from 18th September 2020
Cases of ATM fraud are on the rise during the lockdown. Following this, the country’s largest bank – State Bank of India (SBI) has decided to implement 24×7 one time password i.e. OTP based ATM cash withdrawal facility. The facility will be available at SBI ATMs across the country from September 18.
OTP will be required to withdraw money even during the day
Now OTP will be required even during the day to withdraw more than Rs 10,000 from SBI ATM. Until now, OTP was required only for withdrawals of Rs 10,000 or more from 8 pm to 8 am. The bank had implemented the new rule from January 1. Under this, OTP based cash withdrawal will be applied from 8 pm to 8 am on withdrawals of Rs 10,000 or more.
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How can money be withdrawn now?
Now from Friday, September 18, if you go to an ATM to withdraw Rs 10,000 or more, you will be sent an OTP from the bank to a registered mobile after entering the card and amount. You will be able to withdraw money from the ATM when you have to enter this OTP with the debit card PIN.
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ATM fraud will help prevent
CS Setti, MD (Retail and Digital Banking), SBI, said that SBI is already at the forefront in terms of technical improvements and safety. I hope the 24×7 OTP based cache withdrawal feature strengthens the security level. Implementing this facility throughout the day will help SBI debit cardholders to avoid risks like fraud, card skimming, card cloning.
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More than 22,000 branches across the country
SBI, the country’s largest bank, has more than 22,000 branches across the country. SBI is also present in more than 30 countries. More than 66 million SBI customers use mobile banking and ATMs.