Scammers use a variety of techniques to defraud consumers and steal money from their accounts. This problem becomes more serious as more people withdraw cash from ATMs today.
To prevent fraud, SBI has now changed the ATM cash withdrawal rules. Banks have issued new rules to make ATM transactions more secure.
Let’s have a look at the rules.
As per the new rules, customers cannot withdraw cash from ATMs without OTP. At the time of cash withdrawal, customers will receive an OTP on the registered mobile number. Cash can be withdrawn only after entering the OTP.
SBI said, “Our OTP-based cash withdrawal system for transactions at SBI ATMs is an inoculation against fraudsters. Protecting you from fraud will always be our top priority. SBI customers should know how the OTP based cash withdrawal system will work.
According to the bank, the new rule will be applicable only for withdrawals of Rs 10,000 or more. While withdrawing, customers need to enter OTP along with debit card PIN.
Understand step by step
The OTP will be a four digit number that the customer will receive for a transaction.
Once you enter the amount you want to withdraw, you will be asked to enter the OTP on the ATM screen.
You have to enter the OTP received on the mobile number registered with the bank.