New Delhi: Country’s biggest bank the ‘State Bank of India’ has announced to extend time for the OTP -based cash withdrawal from ATMs. As per the latest development, the SBI debit card holder will now be able to withdraw Rs 10,000 and above throughout the day after an OTP verification. ALSO READ | Essential Commodities (Amendment) Bill 2020 Passed In Lok Sabha; Know What Are The Proposed Changes
In an official announcement made today, the lender said, “To protect customers from falling prey to fraudsters, SBI now extends OTP based cash withdrawal facility to 24*7 for amount Rs 10,000 and above.”
As per the notification issued by the bank, the facility will be available for all SBI Debit Card holders at the SBI ATMs from September 18 onward.
Before planning to go and withdraw the cash, the users must remember to carry mobile phones while transacting at SBI ATMs and register mobile number at the branch/ATM, if not registered.
India’s biggest lender SBI had introduced OTP based cash withdrawal system which allowed customers to withdraw cash above Rs 10,000 between 8 PM – 8 AM through SBI ATMs.
In an official statement, the bank had then said that, “With the introduction of 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.”
The lender has now provided a wider window period for the SBI Debit card holders, allowing them to withdraw cash throughout the day.