SBI ATM cardholders… Here are new rules of cash withdrawal from Jan 1, 2020

Come January 1, 2020, the country’s largest public lender, State Bank of India (SBI) will introduce one-time password (OTP) based cash withdrawal from all SBI ATMs in the country.

Avatar Written by December 27, 2019 14:41

New Delhi: Come January 1, 2020, the country’s largest public lender, State Bank of India (SBI) will introduce one-time password (OTP) based cash withdrawal from all SBI ATMs in the country.

The move is aimed at enhancing security during ATM transactions and protect its customers from unauthorised transactions.

SBI atm

“Introducing the OTP-based cash withdrawal system to help protect you from unauthorised transactions at ATMs. This new safeguard system will be applicable from 1st January, 2020 across all SBI ATMs,” SBI tweeted.

New system of OTP-based cash withdrawal at SBI ATMs:

1) When the customer will withdraw from SBI ATM, An OTP will be sent to the person on its registered mobile number

2) Customer will need to put OTP number for withdrawing money from ATM

3) The OTP-based transactions will be applicable on amount of Rs 10,000/- and from 8 PM evening to 8 AM morning.

This facility won’t be applicable for those transactions, where a SBI card holder withdraws cash from another bank’s ATM, because this functionality has not been added in National Financial Switch (NFS).