RBI Changes ATM Withdrawal rules: Due to the occurrence of immense fraud activities while withdrawing cash, forced some previous ATM card users to stop using it This made RBI cautious and it imposed a very secured way of withdrawing cash from any ATM banks. Now SBI and many other banks has started OTP service to withdraw cash from ATM.
According to the new policy created by RBI, to finish the transaction, the ATM card users will have to input the OTP which will be sent to their registered mobile numbers while withdrawing cash from the ATM, it’s the another step towards confirming the ATM user is the the right one. OTP is a system-generated four-digit number that the bank will send to the customer’s registered mobile number. This OTP will authenticate the cash withdrawal and will be valid for only one transaction and for a stipulated amount of time. (RBI changes ATM withdrawal Rules)
RBI changes ATM withdrawal Rules to OTP based cash withdrawal :-
India’s largest lending bank SBI had started OTP-based cash withdrawal services from January 1, 2020. SBI has been creating awareness about ATM frauds through social media and other platforms like messaging directly to it’s users from time to time. This service is available to all SBI users having ATM cards powered by VISA master Card etc.
Transactions of 10 thousand or above will require OTP (One time password). Now this service will come in handy for SBI customers and they have to carry the mobile phone which have access to the registered mobile number at the time of withdrawing cash from ATMs. Let us tell you that customers withdrawing Rs 10,000 or more in a single transaction from SBI ATMs will require OTP to complete the transaction. But Customers withdrawing less than 10000 will not require any OTP they will have to simply withdraw cash using the old method and there is no addition to it. (RBI changes ATM withdrawal Rules)
Withdraw cash using OTP :-
You must have your Debit Card and Mobile Phone while withdrawing cash from SBI ATM. Use the previous steps as it was . The ATM will ask for OTP after you enter the amount, open your mobile phone and browse for a message sent by SBI bank .search for a six dogit code in the message. Enter the OTP on the ATM screen the valid OTP will trigger the transaction to completion. (RBI changes ATM withdrawal Rules)
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