SBI: Do you have an account in India's largest State Bank India (SBI)? Do you withdraw over Rs 10,000 from ATM? Here is an important message for you from your bank - SBI.
What is the message? Key details?
- State Bank of India (SBI) has announced the launch of OTP-based ATM withdrawals above Rs. 10,000.
- SBI is introducing the OTP based cash withdrawal system across all SBI ATMs w.e.f. January 1, 2020 which would be functional between 8 P.M. to 8 A.M.
- SBI has urged its customers to register or update their mobile numbers
What does it mean?
-Customers at SBI ATMs, along with Debit Card PIN will also have to put OTP generated on their mobile numbers registered with the bank while withdrawing cash above Rs. 10,000.
What's the benefit to SBI customers?
- With this facility SBI has added another layer of safety and security in all its ATMs to minimize the number of unauthorized ATM transactions.
-This additional factor of authentication for ATM cash withdrawals will protect SBI debit card holders from the risk of skimming, card cloning, etc.
OTP
The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction.
What withdrawals from about non-SBI ATMs?
Noteworthy, this facility will not be applicable for cash withdrawals at non-SBI ATMs because this functionality has not been developed in National Financial Switch (NFS).
State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on September 30, 2019, the bank has a deposit base of over Rs. 30 lakh crore with CASA ratio of little more than 45% and advances of nearly Rs. 22.5 lakh crore. SBI commands 25% market share each in home loans and auto loans.