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What is SBI’s OTP-based withdrawal feature?Who can use this service

The State Bank of India is one of the most trusted banks in the country and often devises new features to make its services more friendly and smooth to its customers. Banks also often tweet about fraudsters and how to stay safe from fraud.

Banks have now come up with another service to ensure that customers’ money is safely available when it is withdrawn. SBI’s OTP-based ATM cash withdrawal system adds another layer of authentication. This will alert the user if cash is withdrawn without the user’s permission.

SBI used Twitter to showcase this new feature. The bank tweeted, “The OTP-based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud is always our number one priority.” OTP-based transactions were introduced in 2020.

In this case, when cash is withdrawn from the ATM, the customer will get an OTP with the registered mobile phone number. This allows users to track their accounts and money and prevent fraudulent cash withdrawals at ATMs.

Please note that this feature is only available if the SBI cardholder withdraws from SBI ATM. If the SBI Cardholder withdraws from another ATM, you will not receive a message or OTP number. This is because this feature is not currently being developed on the National Financial Switch (NFS) according to SBI.

For the unskilled, NFS is the country’s largest interoperable ATM network, managing nearly 95% of interbank transactions that occur through ATMs.



What is SBI’s OTP-based withdrawal feature?Who can use this service

Source link What is SBI’s OTP-based withdrawal feature?Who can use this service

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