To complete your transaction while withdrawing money from ATM, state Bank of India (SBI) customers will have to enter a one-time password (OTP) One Time Password (OTP) based cash withdrawal There is a 24/7 option at all ATMs for withdrawals above Rs 10,000.

SBI OTP based cash withdrawal

State Bank ATMs have increased the level of security for cash withdrawals by introducing its OTP-based cash withdrawal facility. OTP will be received on the registered mobile number of the customer in the bank. A system-generated numeric string of characters known as a one-time password (OTP) is used to verify the identity of the user for a single transaction.

According to SBI’s Twitter account, ‘Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority.”

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 needs 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.