SBI to change cash withdrawal rules from 18 Sept; click for details

Sept. 15: Customers of State Bank of India (SBI) will now get the facility of 24×7 OTP based cash withdrawal. SBI will be extending OTP-based cash withdrawal for ₹ 10,000 and above throughout the day across all SBI ATMs in the country. This facility will be effective from 18 September, 2020.

Earlier, SBI had allowed this facility to customers during 8 PM to 8 AM from from January 1, 2020. However, now with the introduction of 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals.

Once the cardholder enters the amount he/she wishes to withdraw, the ATM screen displays the OTP window. The customer has to enter the OTP received on the registered mobile number to complete the transaction. This facility will not be applicable for transactions, where a State Bank card holder withdraws cash from another bank’s ATM. C S Setty, MD (Retail & Digital Banking), SBI, said, “With the enablement of 24×7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”