State Bank of India is going to make major changes in the rules of Cash Withdrawal on its existing ATM network. The bank has said that this will make cash withdrawal more safe for customers using its ATMs.
The bank has said that now at any time from September 18, all its ATMs will be withdrawn at any time through OTP (One Time Password), which will be sent to the registered mobile number associated with the customer’s ATM card.
The bank had given this facility to customers from 8 am to 8 am in January this year. State Bank of India had said that OTP-verified ATM transactions were initiated to reduce the number of unauthorized transactions.
This facility will not be applicable for those transactions where one State Bank card holder withdraws cash from another bank’s ATM. This is because this functionality, according to SBI, has not been developed in the National Financial Switch (NFS).
NFS is the largest interoperable ATM network in the country and it manages over 95 per cent of domestic interbank ATM transactions.
Once the cardholder wants to withdraw more than 10 thousand rupees, then an OTP window will appear on the ATM screen. To complete the transaction in this OTP window, the customer has to enter the OTP received on the registered mobile number.
Only after this, the customer will be able to withdraw more than 10 thousand rupees from the ATM. This means that to withdraw money at the ATM, the customer must also have a mobile in addition to the card, on which he will get OTP.
News Source: HindustanTimes
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