SBI brings new rules on ATM Withdrawal: Cash will be withdrawn with the help of OTP, know how this system will work?

SBI ATM Rules Change

SBI brings new rules on ATM Withdrawal: Complaints of fraud with ATM cards are increasing continuously. In view of this, the State Bank of India has taken a new initiative to protect its customers and keep their money safe. Now to withdraw money from ATM, SBI customers will have to provide OTP, which will come on their registered mobile number. Only after this is verified, their money will be able to be withdrawn from the ATM.

The bank informed the customers about the new initiative by tweeting from its official Twitter handle. It added, “Our OTP-based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority.”

New rules on ATM Withdrawal

State Bank of India has created a very easy way to withdraw money from SBI ATMs through OTP. While using it, a four-digit OTP will be sent to your registered mobile number. According to the bank, this OTP is a four-digit number, which authenticates the user for a single transaction. Once you enter the amount of money you want to withdraw at the ATM, the screen will automatically display a window where you will need to enter the code to receive your money.

However, only those people who have an SBI ATM card can avail of this service and withdraw money from SBI ATM itself. At present, the benefit of this facility will not be available at the ATMs of other banks. At present, this arrangement has not been made in the National Financial Switch (NFS). SBI is the largest commercial bank in the country in terms of bank assets, deposits, branches, customers, and employees.

Also, Read This: IRCTC/Indian Railways: 110 special trains running for the festive season, a total of 668 trips will be made, see list

Earlier, SBI had given festive gifts to senior citizens. Now the benefit of SBI’s special fixed deposit scheme can be taken till March 2022. That is, this special scheme has been extended once again. In May 2020, the country’s top lender had announced the SBI ‘WECARE’ fixed deposit scheme for senior citizens, initially till September 2020. But amid the Covid-19 pandemic, the special FD scheme was extended several times. The bank has extended it till March-end next year.

Recently the bank has also introduced many offers in its loan segment. In which reducing the interest rates of home loans is the main one. All these schemes are expected to greatly benefit the customers of the State Bank of India.

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