From 18 September Onward SBI OTP-based Rules Completely Get Changed — These Are Advantages

New Delhi: the largest Indian State Bank (SBI) lending bank has announced a lengthy withdrawal period for ATMs for OTP cash, thus providing customers with a larger window from Friday (September 18). 

After an OTP verification, SBI customers can now make ATM cuts of Rs 10,000 and higher all day.

From 8 AM to 8 PM in January the bank approved this facility for customers. 

How does the ATM transaction validated by OTP work? 

According to the State Bank of India, the OTP- validated ATM was implemented to decrease the number of unauthorized transactions. 

The State Bank has added another security layer for cash withdrawal through its ATMs service by implementing its OTP-based cash withdrawal facility. 

On the mobile number of the client registered with the bank, OTP will be issued. This further authorization aspect would deter unauthorized cash withdrawals by holders of State Bank cards.

Who will take advantage of the services? 

This facility would not extend to transactions where the cardholder of the State Bank withdraws cash from the ATM of another bank. It is because the National Financial Switch (NFS) did not create this feature, as per the SBI. NFS is the nation's largest interoperable ATM network, with over 95% of national interbank ATM transactions handled. 

How will SBI OTP Service cash be withdrawn? 

The ATM screen shows the OTP window when the cardholder enters the number he or she wants to cancel. 

In order to complete the transaction, the customer must enter the OTP obtained on the registered mobile number.