(SBI) has increased the security level ATM 24 hour OTP-based . Starting Cash Withdrawals cash withdrawal the option. SBI introduced a one-time password (OTP) based cash withdrawal system for its ATMs in January 2020. “Our OTP Transaction based cash withdrawal system State Bank Of India ATM is a vaccination against fraudsters. Protecting you from fraud will always be our topmost priority,” tweeted SBI from its official Twitter account.

OTP is a numeric string of characters generated by the system to authenticate the user for a single transaction. This OTP based cash withdrawal facility is available for transactions above Rs 10,000 and at SBI ATMs.

As per SBI’s tweet, here is how the OTP based cash withdrawal system works

• SBI cardholders will receive an OTP on their mobile number registered with SBI at the time of initiating the cash withdrawal process at the ATM. An OTP will be sent to your registered mobile number.
• OTP is a four digit number that authenticates the user for a single transaction. SBI Cardholder has to enter the OTP received on his mobile number registered with the bank in this screen to withdraw cash.
• This will protect SBI cardholders from unauthorized ATM cash withdrawals.

“This will protect customers from the risk of unauthorized transactions during cash withdrawal from SBI ATMs due to skimmed/cloned cards,” SBI’s earlier Facebook post said.

The Facebook post said, “OTP is a system-generated numeric string that authenticates the user for a single transaction. This additional factor of authentication will protect SBI card holders from unauthorized ATM cash withdrawals.”