The Buyt
SBI has launched new rules for ATM withdrawal for making their ATM withdrawal safer. The OTP-based cash withdrawal protection will be more efficient in tackiling fraud transactions.
State Bank of India (SBI) is India’s largest lender. After many banks merged into it, it is the largest in India. SBI presents its customers maintaining a monthly balance of Rs 100000/- with five free SBI ATM transactions in metropolitan cities including Delhi, Mumbai, Bengaluru, Kolkata, Chennai and Hyderabad. And for other bank ATMs, it is capped at 3 free transactions.
When are ATM transactions charged?
SBI offers unlimited free transactions for customers maintaining a monthly balance of over Rs 1 lakh at SBI and other bank ATMs.
Beyond free limit – SBI charges Rs 5/- to Rs 20/- for every beyond the free limit ATM transaction. And the fee value depends on the type of transaction and the bank the ATM belongs to. The bank charges Rs 10/- for beyond the free limit withdrawal transaction from SBI’s ATM. And charges Rs 20/- for beyond the free limit financial transactions from other ATMs. Customers are charged Rs 8 at other bank ATMs and Rs 5 at SBI ATM for non-financial transactions like checking account balance.
International transactions – International transactions at ATM are charged Rs 100/- plus 3.5 % of the transaction amount. And the international transactions made through point of sale are charged at just 3 % of the transaction amount. If a transaction is declined due to an insufficient balance in the account, SBI charges Rs 20/-.
What is the new OTP rule?
SBI is always creating awareness amongst its customers about ATM frauds through text messages and emails. Even Ads and social media it is making people aware of fraud. Now SBI is one step ahead and taking action to prevent fraud. OTP-based withdrawals at ATMs is one such effort by SBI.
ATM withdrawals beyond Rs 10000 will need an OTP to complete the transaction. OTP will be sent to the customer’s registered mobile number to complete the transaction. This newly launched one-time password (OTP) based cash withdrawal service aims to protect the customers from fraudulent ATM transactions. Soon many banks may follow this OTP-based withdrawal at ATMs. To avoid unauthorized transactions, OTP is an extra layer of protection.
The OneTime Password is a system-generated four-digit number. This is generated by SBI and sent to customers on the registered mobile number. This 4-digit password is valid for only one transaction and hence it will authenticate the cash withdrawal.
How to withdraw cash at an ATM using OTP?
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You need your debit card and mobile phone with a registered mobile number at the time of withdrawing cash at SBI ATM.
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Insert your debit card and enter the ATM PIN
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Enter the withdrawal amount value
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It will ask for OTP
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Enter the OTP in ATM as received on the registered mobile number via SMS
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If OTP is valid, money will be dispensed
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The transaction will be completed once you receive the money
