State Bank Of India has launched the Mobile Handheld Device which will provide five core banking services i.e. cash withdrawal, cash deposit, fund transfer, balance inquiry and mini statement at your doorsteps.
As per the new rule, customers cannot withdraw cash without OTP from ATMs. At the time of cash withdrawal, customers get an OTP on the registered mobile number. After entering the OTP, one can withdraw cash.
SBI OTP-based ATM cash withdrawal: Step-by-step guide - India's largest public sector bank, the State Bank of India (SBI) has started a new service for its customers. SBI customers can now avail one-time password (OTP) based cash withdrawal facility which protects them from unauthorised transactions at ATMs. The OTP is a four-digit number that authenticates the user for a single transaction.
SBI customers can withdraw Rs 10,000 or more from ATMs by entering an OTP issued to their registered mobile number, as well as their debit card PIN, each time. This facility has been operational since January 1, 2020.
SBI customers alert! Avoid unauthorised ATM transactions with OTP-based cash withdrawal, here s how - The State Bank of India uses one-time password (OTP) to avoid unauthorised transactions at ATMs.