New Delhi. SBI change ATM cash withdrawal rules from September 18. State Bank of India, the country’s largest government bank, has changed the cash withdrawal rule from ATMs. The bank has made OTM mandatory for withdrawal of more than Rs. 10000 from 18th September 2020 by increasing the scope of cash Withdrawal service based cash withdrawal. As per the information furnished by the State Bank, all SBI ATMs across the country will now have OTP based cash widol facility. Without OTP, customers will no longer be able to withdraw more than 10,000. The new rule will be applicable to all account holders from September 18.
SBI’s new rule to come into effect from September 18
State Bank of India (SBI) will be available 24 hours OTP based cash withdrawal facility at all ATMs across the country from September 18. The bank has taken this step to make the cash withdrawal facility more secure from SBI ATM. The new facility will now be available from 8 am to 8 pm at ATMs across the country from September 18. The bank has said that the bank has introduced this facility to protect the account holders from fraud.
OTP mandatory on withdrawal of Rs 10,000 or more
The bank will now be mandated to withdraw an amount of Rs. 10, 000 or more from ATMs to make cash withdrawals more secure from SBI debit or ATM card. The bank has now implemented the service in a day also. Now, not only at night but also in a day, you have to inter-OTP when you remove 10,000 or more cash from SBI ATM. Let me tell you that so far, these facilities were available only from 8 o’clock in the night to 8 o’clock in the morning, but now it has been implemented for the day.
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After the bank’s new facility, you will now have to inter-enter the one time password (OTP) at the ATM on the withdrawal of 10,000 or more from SBI ATM at any time in 24 hours. The bank has asked all its account holders to update their registered mobile number in their bank. The bank has said that the system has been adopted to further strengthen the security system of ATMs as well as to make the customers ‘ deposits more secure.
This facility was launched on 1st January 2020
The bank had earlier made OTP mandatory for withdrawal of cash from SBI ATM on 1st January 2020 till 8 pm onwards. CS Shetty, MD, SBI’s retail and digital banking, said that with the facility of 24-hour OTP-based cash withdrawals, the bank is moving towards further strengthening the security of ATM cash withdrawals. Let’s tell you that OTP is a system-generated numeric string that certifies transactions made on behalf of customers. Otp based cash withdrawal facility is currently available with SBI.
Source: hindi.oneindia.com
