SBI’s new rules for cash withdrawal at ATMs | Fusion - WeRIndia

SBI’s new rules for cash withdrawal at ATMs

SBI’s new rules for cash withdrawal at ATMs

To prevent unauthorized withdrawals and frauds like card skimming, card cloning etc., State Bank of India (SBI) announced new rules for cash withdrawals at ATMs.

As per the new rules that came into effect from September 18, cardholders will have to enter a one-time password (OTP) received on their registered mobile phones for cash withdrawal of ₹10,000 and above.

If you do not enter the OTP, the transaction will be cancelled. This facility will be available round the clock.

The OTP based cash withdrawal facility aims to improve the security for cash withdrawals of customers and control frauds.

Originally OTP based cash withdrawal facility was introduced by SBI on January 1 for the withdrawals of ₹10,000 and more. However, this was available from 8:00 p.m. to 8:00 a.m. only. Now, this is extended to 24×7.

Here are the things you have to note for cash withdrawal of ₹10,000 and more:

  • OTP based cash withdrawal is an additional factor of authentication to protect cardholders from card related frauds.
  • Now, you will have to carry your mobile phone to withdraw cash at SBI ATM, as OTP will be sent to your phone.
  • This system-generated OTP will be useful for a single transaction.
  • As soon as you enter the amount you want to withdraw, the OTP screen will be displayed. To receive the cash from ATM, you will have to enter OTP.
  • This facility is currently available only at SBI ATMs, but not at non-SBI ATMs.
  • The bank sends SMS alerts regarding balance enquiry or mini-statements to customers from time to time. It warns not to ignore them and bring to their notice if the customer does not initiate such transactions.

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