Withdrawing Rs 10,000 from SBI ATM? You will need an OTP

By Team Newsable | First Published Jul 25, 2022, 11:00 AM IST

In order to protect its customers from fraudulent ATM transactions, the State Bank of India has added a new layer of protection by means of a one-time password or OTP.

In order to protect its customers from fraudulent ATM transactions, the State Bank of India has added a new layer of protection by means of a one-time password or OTP.

The new layer of authentication will be required for customers withdrawing Rs 10,000 or more in a single transaction.

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SBI customers would now need to carry their phones to the ATM along with their debit cards. Upon inserting the card into the machine to withdraw money, the customer will get an OTP on their registered mobile number. SBI customers will need to enter the OTP to authenticate the transaction and withdraw the amount.

The OTP will be valid for a single transaction.

India's largest lender initiated the OTP-based cash withdrawal service in January 2020. According to reports, some banks are expected to switch to cash withdrawals from ATMs.

Steps to withdraw cash using OTP:

Step 1
Insert your debit card and enter the ATM PIN

Step 2
Insert the amount to be withdrawn

Step 3
You will be asked for an OTP received on your registered mobile number via SMS

Step 4
Enter the OTP received on your phone on the ATM screen

Step 5
Complete the transaction

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