State Bank Of India Extends OTP-Based ATM Withdrawal Facility

State Bank of India (SBI) said it will allow its customers to make OTP- or one-time passcode-based withdrawals from its ATMs round the clock from Friday. OTP-based withdrawals of ₹ 10,000 and above will be available 24×7 at its ATMs with effect from September 18, the country’s largest bank said in a statement, urging its customers to get their mobile number registered or updated, in order to use the facility. The move is aimed at safeguarding customers from frauds and minimizing unauthorised transactions, SBI said.

SBI had introduced OTP-based cash withdrawals for 12 hours a day (from 8 am to 8 pm) with effect from January 1. 

From September 18, this facility will be available 24 hours a day, across all State Bank of India ATMs in the country.

The introduction of round-the-clock OTP-based cash withdrawals has further strengthened the security system in ATMs, SBI said.

“SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level,” said CS Setty, managing director (retail and digital banking), State Bank of India.