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  • Category: Miscellaneous

    OTP for withdrawals from SBI ATMs

    The State Bank of India added another security feature for withdrawals from their ATMs. Presently if anybody wants to withdraw money from ATMs using debit cards has to feed PIN when the machine asks for. But now onwards once you introduce your card into an ATM to withdraw cash, you will receive a onetime Password (OTP) from the bank to your registered mobile number. Once you type it, the machine will ask you the PIN. After feeding this also only you will be allowed to withdraw cash from the machine. This rule is applicable for all cash withdrawals of Rs10,000/- or above. This feature is introduced only by SBI so far. Other banks may follow in due course.

    So please remember to carry your mobile when you go to an ATM for cash withdrawals.
  • #710167
    Banks are now resorting to more and more safety measures and this one appears to be one in that pursuit. OTP is one of the most sturdy system as it requires ones mobile to be used to get it and then enter it in the ATM machine. This is definitely an added safety over and above the existing system.
    Knowledge is power.

  • #710182
    As many frauds has been taking place at the ATMs of SBI and other banks, there is a need for banks to tighten the security and ensure that depositors money are safeguarded and not swindled by the tech savvy robbers. The one time pass word feature is the best way to tackle the menace of ATM frauds and it also gives us the feeling that the bank is in tow of our account as we are not going to the bank at all. In the home also there are chances of children using the ATM card of parents fraudulently and this facility would also check the bad behavior of the children. Anyway whole depositors would appreciate this move.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #710234
    This is a good method implemented by SBI to avoid fraudsters taking away the money of poor account holders. I don't understand why they have this only for Rs. 10000/- and above. It should be for all the ATM withdrawals of any amount. All banks' ATMs should have this secure OTP facility.
    No life without Sun

  • #710238
    My thanks to the author for a timely reminder about carrying our Mobile phones while withdrawing cash. This new security measure will be implemented from 18th September 2020 onwards. The OTP-based security measure was initiated by SBI some time ago for withdrawal of Rs 10,000 and above but it was applicable from 8 PM to 8 AM. Now, this measure will be applicable all the time and we hope it will help to check many fraudulent transactions in the country.

    "Life is easier when you enjoy what you do"

  • #710252
    With the increasing number of frauds while withdrawing cash from ATM, the introduction of OTP would arrest the ATM frauds happening very frequently these days. Cash cannot be drawn out unless you have the registered mobile phone with you so that you could locate your OTP. The earlier timing has now been revised from 18 th September and onward when OTP will be mandatory for all the timings except when the withdrawals are less than Rs 10,000/-. I think other banks, too, will follow the same system shortly.

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