India’s largest public sector bank, SBI, has introduced a slew of simple and safe services (SBI OTP-based ATM cash withdrawal) for its customers at a time when the internet is overflowing with financial scamsters. These safety measures safeguard clients against fraudsters while also making it easy to use them.
SBI’s OTP-based ATM cash withdrawal is one example of a safe and convenient service that uses an additional factor of authentication. SBI cardholders are protected from unlawful ATM cash withdrawals thanks to this extra layer of security.
What is the procedure for an SBI OTP-validated ATM withdrawal?
To reduce the number of fraudulent ATM withdrawals, the OTP-validated ATM transaction was implemented in 2020.
State Bank of India’s OTP-based cash withdrawal service has provided an additional level of protection for customers using its ATMs.
The bank will send an OTP to the customer’s registered mobile number. State Bank cardholders are protected against fraudulent ATM cash withdrawals thanks to this additional layer of authentication.
The SBI OTP-based ATM cash withdrawal services are available to anyone.
For instances where a State Bank cardholder withdraws cash from another bank’s ATM, this function will not apply.
According to SBI, the National Financial Switch (NFS) does not have this capability. As the country’s largest interoperable ATM network, NFS manages more than 95% of the country’s interbank transactions.
How can I use the SBI OTP-based ATM cash withdrawal service to make a cash withdrawal?
ATM screens display the OTP window after the cardholder enters the amount he or she wants to withdraw.
To complete a transaction, a customer must input the OTP received on their registered cellphone number.