What is SBI’s OTP-based withdrawal feature? Find out who can avail this service

What is SBI’s OTP-based withdrawal feature? Find out who can avail this service

The State Bank of India is one of the most trusted banks of the country and often comes up with new features to make its services more approachable and smooth for its customers. The bank also often tweets about how to remain safe from fraudsters and scams.

Now, the bank has come up with another service to make sure that the money of its customers goes in safe hands when withdrawn. It’s SBI’s OTP-based ATM cash withdrawal system that adds another layer of authentification. This will alert the users if their cash is being withdrawn without their permission.

SBI took to Twitter to introduce this new feature. The bank tweeted, “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.” The OTP-based transaction was introduced in 2020.

In this, when cash will be withdrawn from the ATM, the customer will get an OTP on their registered mobile number. This will help users keep a track of their account and money and prevent any unauthorized ATM cash withdrawals

Keep in mind, this facility will only be available if an SBI cardholder withdraws from an SBI ATM. If an SBI cardholder withdraws from another ATM, they will not receive the message nor an OTP number. This is because currently, as per SBI this function has not been developed in National Financial Switch (NFS).

For the unversed, NFS is the largest interoperable ATM network in the country and manages almost 95 per cent of interbank transactions that happen through ATMs.