What are the new rules to withdraw cash from SBI ATM?

State Bank of India (SBI) has introduced a one-time password (OTP) based cash withdrawal system to protect its customers from the ATM-related frauds. Don't forget to carry your registered mobile number while making transactions from the ATM. This new system is applicable from January 1, 2020, across all SBI ATMs.
Created On: Jan 10, 2020 15:28 IST
Modified On: Jan 10, 2020 15:41 IST
SBI ATM cash withdrawal rules
SBI ATM cash withdrawal rules

In order to protect its users from the ATM-related frauds, India’s largest public sector bank, the State Bank of India (SBI) has introduced a one-time password (OTP) based cash withdrawal system. This new system is applicable from January 1, 2020, across all SBI ATMs from 8 PM to 8 AM in India. However, this facility will be available only on the transactions above than Rs. 10,000. 

How SBI customers will withdraw cash with the new OTP based system?  

SBI cardholders will have to enter an OTP for cash withdrawal from the ATM of SBI bank. After the amount that is to be withdrawn is entered in the ATM by the SBI customer, the next screen will be the one where customers have to enter the OTP. Once the OTP received on the registered mobile number is entered, the cash can be withdrawn from the ATM. However, you will get OTP only on the transactions above than Rs. 10000 and on SBI bank ATMs only from 8 PM to 8 AM. 

SBI new rules 2020

The customers will not get this facility on other bank’s ATM as this system has not yet developed in the National Financial Switch (NFS). Also, other bank’s customers also will not be able to avail of this facility at an SBI ATM. 

What is an OTP? 

One-time password or OTP is a system-generated numeric string of characters authenticating the user for a single transaction. This will protect the SBI customers from tricksters. 

What is NFS? 

National Financial Switch or commonly known as NFS is the largest interoperable ATM network in India. NFS manages 95% of the domestics interbank ATM transactions. 

Always carry the registered mobile number along with you if you are an SBI customer. In addition to this, if your phone number is not updated, please update the current mobile number with the bank for this facility. As of now, banks apart from SBI, alerts its customers through SMS on the registered mobile number upon deduction of the amount to protect their customers from tricksters. 

Read: List of Appointments in Public & Private Sector Banks: 2019

Comment ()

Related Categories