State Bank of India customers will need a one-time password to withdraw more than Rs 10,000 from the bank's ATM at any time from Friday. This rule will come into effect from September 18, 2020. The bank has taken this decision to make ATM transactions secure. Earlier, the bank had made it necessary to enter the OTP received on the registered mobile number for withdrawing more than Rs 10,000 from the SBI ATM from January 1, 2020.
The statement issued by State Bank of India stated that the bank has further strengthened the security of cash withdrawal from ATMs by setting up this OTP based facility to withdraw money at any time. SBI's debit card holders are less likely to fall prey to conspiracy by making OTPs necessary for transactions at night as well as day. At the same time, it will also help in preventing unauthorized withdrawals and card cloning.
There is a code generated by the OTP system. It is used for one-time transactions. The statement issued by the bank said that when the customer settles more than Rs 10,000 from the SBI ATM, he will have to enter the OTP received on his registered number into the ATM device. This facility is available only at SBI ATMs. Also, forgery can no longer be manipulated.