SBI OTP-based cash withdrawal from ATM; here's how it works

In a bid to provide extra security to customers conducting cash transactions, the State Bank of India (SBI) has introduced the 24-hour OTP-based cash withdrawal facility, which will guard them against unauthorised transactions at 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 had tweeted on April 9.

The one-time password (OTP) based cash withdrawal facility will generate a four-digit number that has to be keyed in by the user at the ATM to authenticate a single transaction. The SBI had launched this OTP-based cash withdrawal system for transactions at ATMs in January 2020. The facility is available for transactions of Rs 10,000 and above at ATMs. To withdraw Rs 10,000 or above from an SBI account at an ATM, the customer has to enter an OTP sent on their registered phone number along with the debit card PIN.