personal finance

How to withdraw cash from SBI ATM using OTP


The (SBI) has increased the security level of ATM cash withdrawals by introducing a 24-hour OTP-based cash withdrawal option. SBI, in January, 2020, launched a one-time password (OTP)-based cash withdrawal system for its ATMs. “Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority,” SBI tweeted from its official Twitter account.

The OTP is a numeric string of characters created by the system that authenticates the user for a single transaction. This OTP-based cash withdrawal facility is available for transactions above Rs 10, 000 and at SBI ATMs.

According to the SBI tweet, here is how OTP-based cash withdrawal system functions

  • SBI cardholders will receive an OTP on their mobile number registered with SBI at the time of initiating the cash withdrawal process at the ATM. An OTP will be sent to your registered mobile number.
  • The OTP is a four digit number that authenticates the user for a single transaction. The SBI cardholder has to enter the OTP received on his/her mobile number registered with the bank in this screen for withdrawing the cash.
  • This will protect SBI cardholders from unauthorized ATM cash withdrawals.

“This will safeguard the customers against the risk of unauthorized transactions on account of skimmed /cloned cards, while withdrawing cash at SBI ATMs,” said a earlier Facebook post by SBI.

“The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect SBI card holders from unauthorized ATM cash withdrawals,” the Facebook post added.

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