New rules for cash withdrawal from SBI ATM : State Bank of India changed its rules while with drawing amount from ATM more than ₹10,000.
India’s largest public sector bank SBI sets new rules for it’s ATM withdrawal. In fact, This new system came into effect from September 18,2020.
The new system of withdrawal from SBI ATM is based on OTP. When a customer want to withdrawal amount 10000 or more. Further he needed enter the OTP to validate that particular transaction.
What is new rules for cash withdrawal from SBI ATM
Previously, we can withdraw 40000 per day from SBI ATM with only by Debit card pin. But from September 18,2020 onwards. In case we needed more than ₹10,000 we have to enter debit card pin as well as One Time Password (OTP). Which will be send to our registered mobile number.
However we needed to enter OTP for transaction more than 10000 from SBI ATM. For this purpose we needed to register our mobile number at SBI. Other wise, we cannot get the OTP to our mobile number.
How the process of withdrawal from SBI ATM works out
- In order to withdraw cash from SBI ATM more ₹10,000. We have to enter the OTP.
- The OTP will come to our registered mobile number. So we have to carry our mobile to ATM centers.
- In fact, the OTP in the form of numerical characters that valid only for single transaction.
- Once we enter the amount we want to withdraw, then ATM screen will display the window of OTP
- After enter the OTP, we can withdraw our required amount from ATM.
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Why this new system has been introduced
In order to strengthen the security level in SBI ATM withdrawals, SBI introduced this OTP based transaction.
And also this OTP facility protects SBI debit card holders from unauthorized withdrawals, card cloning and skimming of cards.
