With effect from 1 January 2020, SBI has made a big change in withdrawing money through ATMs. From January 1, 2020, you will be able to withdraw money from SBI ATM only when you enter OTP. However, SBI has kept the timing of OTP based transaction in between 8 pm to 8 am. Meaning if you transact cash from ATM during this period then you will have to enter OTP.
Talking about OTP, it will come on the registered mobile number of the user, which he has linked to his bank account. This will be a numerical character of some digit which will be generated when the user feeds the amount to be withdrawn from the ATM. OTP received on the registered mobile number of the account holder as soon as the amount is entered on the ATM during the transaction process. Now, only after entering OTP, user will be able to withdraw money from ATM.
On Friday, SBI made this information available to people by tweeting through its official Twitter handle. Here is the tweet.
However, At Present, the rules of OTP-based transaction will be applicable only at SBI ATMs as, this functionality is not currently supported by other ATMs. Other ATMs will support this functionality only when the National Financial Switch works on it.
Apart from this, OTP based transactions will only work on transactions above 10000 rupees. This means that if you transact an amount above 10000 rupees from SBI ATM between 8 pm to 8 am, then you will have to enter OTP. The OTP will go to the registered mobile number of the account holder.
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