Alert State Bank Of India Customers: Transact Safely Using OTP Based Cash Withdrawal

In a recent tweet from its official twitter handle State Bank of India @TheOfficialSBI the country's top lender tweeted that "Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority". The country's top state run lender SBI last year in January introduced OTP based cash withdrawal facility.

How can SBI customers use OTP based cash withdrawal facility to prevent fraudulent transactions?

When customers of State Bank of India will visit the SBI ATM for cash withdrawal and use this facility then an OTP will be sent to their registered mobile number and once they authenticate the transaction by providing or entering the received OTP then they will be able to execute the withdrawal transaction at SBI ATM. OTP or one time password is a 4-digit number that authenticates the identity of the user for the transaction. The facility shall protect SBI cardholders against unauthorised cash withdrawals.

The facility is in lieu of withdrawal over Rs. 10000 or more from SBI ATMs.

GoodReturns.in

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of GoodReturns.in or Greynium Information Technologies Private Limited (together referred as “we”). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.