New Delhi: Customers of the State Bank of India, here comes a word of caution for you. The bank from January next year is going to introduce an OTP system for customers to withdraw money from its ATM counters.
Customers while going to withdraw money from SBI ATM counters need to carry their phones with them as the bank will send them an OTP (One Time Password) for the withdrawing purpose. Apart from the PIN number, they also need to put their OTP in the said box on the screen to withdraw money. The rule is applicable to customers who are withdrawing money between 8 PM and 8 AM. Other time of the day, the bank will not ask for the OTP.
For a smooth understanding of the new withdrawal system for the customers, the SBI has given details about it on its Twitter handle.
However, this condition from the SBI is going to apply to customers who are planning to withdraw more than Rs 10,000 in the late evening. The bank will ask you for the OTP after you insert your card in the machine and put other details.
After you enter your OTP number only you will be able to withdraw money from the ATM. This arrangement from the SBI is being done with an effort to prevent the misuse of ATM card of account holders and to protect the interests.
However, if SBI customers withdraw money from another bank’s ATM, then OTP will not be required. The SBI has limited this system to its ATMs at present. This arrangement has not yet been done in the National Financial Switch that runs ATMs. Hence the condition is limited to SBI ATMs.