The OTP is a numeric string of characters created by the system that authenticates the user for a single transaction. This OTP-based cash withdrawal facility is available for transactions above Rs 10, 000 and at SBI ATMs.
Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you… https://t.co/xFXWeCj0xE
— State Bank of India (@TheOfficialSBI) 1638599474000
According to the SBI tweet, here is how OTP-based cash withdrawal system functions
- SBI cardholders will receive an OTP on their mobile number registered with SBI at the time of initiating the cash withdrawal process at the ATM. An OTP will be sent to your registered mobile number.
- The OTP is a four digit number that authenticates the user for a single transaction. The SBI cardholder has to enter the OTP received on his/her mobile number registered with the bank in this screen for withdrawing the cash.
- This will protect SBI cardholders from unauthorized ATM cash withdrawals.
"The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. This additional factor of authentication will protect SBI card holders from unauthorized ATM cash withdrawals," the Facebook post added.
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