Big address for SBI customers, OTP required to withdraw money from ATMs from 1st January!
For the 42 crore customers of SBI (State Bank of India), the country's largest government bank, the rules attached to ATMs will change from January 1st.
New Delhi: State Bank of India, the country's largest government bank, will make a major change in the rules to remove ATM cash withdrawal from the new year. SBI Bank is implementing a new rule to better serve its customers and protect its customers from fraud. From January 1, the bank is going to implement the OTP (One-Time Password) Basic Cash Withdrawal System. This rule will go into effect on January 1, 2020.
From January 1, the bank is going to implement the OTP (One-Time Password) Basic Cash Withdrawal System. This rule will go into effect on January 1, 2020. Under which the OTP will come to the mobile registered in the bank to withdraw cash from 8pm to 8pm. Only after filing this OTP can the money be withdrawn. Information has been provided by tweeting from the bank.
What will change from January 1, 2020?
The bank will send OTP to your registered mobile phone to withdraw money from the ATM from 8am to 8pm. That means you have to carry a mobile phone registered with the bank while withdrawing the money. This rule will apply to withdrawals of more than 10 thousand cash. The bank is going to do so to protect its customers from fraud. >> The OTP which will be sent from the bank will be valid for only one transaction. That is, another OTP will be provided for the second transaction.
There is no change in the way the cache is removed from the new system except by inserting the OTP.
Currently this system will only work in SBI's ATMs. This means that the system will not work in any other bank's ATM. Because this feature is not built into the National Financial Switch right now. >> If the SBI card holder withdraws money from another bank's ATM, he will not have to enforce this rule, which means that in this case the customer will not have to enter OTP.
>> In SBI's ATM, the customer will enter more than 10 thousand amount or the second step will be the option to enter OTP in ATM's screen. Money can be withdrawn only after OTP is filed. >> According to the bank, doing so will prevent transaction from bogus card.
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