SBI | ATM transactions over 10000 will require OTP from Jan 1, 2020

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https://twitter.com/TheOfficialSBI/status/12102...

https://facebook.com/notes/state-bank-of-india/...

With a view to minimize the number of unauthorized transactions happening on ATMs, State Bank of India announced the launch of OTP Based ATM Withdrawal for transactions above ₹ 10,000/- between 8 PM to 8 AM. With the introduction of its OTP Based Cash Withdrawal Facility, State Bank ATMs have added another layer of security for cash withdrawals. OTP will be received on the customer’s mobile number registered with the Bank. The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect State Bank card holders from unauthorized ATM cash withdrawals.
The OTP Based Cash Withdrawal System shall be active across all State Bank ATMs w.e.f. 01st January 2020 between 8 PM to 8 AM. The facility will not require any major change in the present process to withdraw cash from State Bank ATMs. However, this facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another bank’s ATM, because this functionality has not been developed in National Financial Switch (NFS). In this process, once the cardholder enters the amount they wish to withdraw, the ATM screen displays the OTP screen. The customer has to input / punch the OTP received on his mobile number registered with the Bank in this screen for getting the cash. This will safeguard the customers against the risk of unauthorized transactions on account of skimmed / cloned cards, while withdrawing cash at State Bank ATMs.

8 Comments  |  
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19×500 plus 200×2 total 9900 nikalunga me😄

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P_A_N_K_A_J wrote:

19×500 plus 200×2 total 9900 nikalunga me😄

U can withdraw over 10k from non-sbi atm.
Useless move.!

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Deal Cadet
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P_A_N_K_A_J wrote:

19×500 plus 200×2 total 9900 nikalunga me😄

Won’t it be easier to use ATM of another bank? smiley

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Deal Cadet
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Sbi charges hefty price for using other bank ATMs after the free transactions

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Sickkid wrote:

Won’t it be easier to use ATM of another bank? smiley

Yup. If no. Of txn in limits(5).
But shekureeti of sbi(really,in my town most are adjoining the bank so i prefer those) along with increased no. Of limits for txn with availability of cash(most of the time)
And who knows like the trendsetter apple who made ugly notched displays this may also make other banks to follow same🥺

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Deal Cadet
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Maha chutzpa bank

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Deal Subedar
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Good thing, an additional layer of security.

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It is basically to thwart huge losses incurred by skimmers installed at SBI atms (Criminals know SBI users are more likely to fall victims. SBI atms hardly have security). SBI is not obliged to provide compensation if your card gets skimmed in another bank atms.

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