SBI introduces OTP-based withdrawal system – Here’s how it works

Mumbai: State Bank of India (SBI) introduced One Time Password (OTP) based cash withdrawal system from 1st January 2020 across all its ATMs.

With the introduction of this new system, customers will have to carry the phone along with the debit cards to withdraw cash from ATMs.

OTP-Based system

As per the official twitter handle of the bank, OTP-based cash withdrawal system will help in protecting customers from unauthorized transactions at ATMs.

It tweeted, “Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs. To know more: #SBI #ATM #Transactions #SafeWithdrawals #Cash”.

EMV Chip

The bank also tweeted, “Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud.”

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