The SBI ATM now has new rules for cash withdrawal

SBI ATM cash withdrawal guidelines: SBI clients may utilise this feature to withdraw cash from its ATMs for an amount greater than Rs10,000 by entering an OTP.

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SBI ATM cash withdrawal regulations: The nation’s top lender State Bank of India (SBI) began a one-time password (OTP) based cash withdrawal facility at ATMs in order to prevent fraudulent ATM transactions. SBI customers must bring their phones to the ATMs in order to use this service because the OTP for cash withdrawals is delivered to the cellphone number they have on file with the bank.

How does SBI OTP-based ATM cash withdrawal facility work

Customers of SBI can use this service to withdraw cash from its ATMs in amounts up to Rs 10,000 by providing an OTP delivered to their registered mobile number each time, along with their debit card PIN. This facility has been operational since 2020.

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SBI announced on Twitter on December 26, 2019, that starting on January 1, 2020, this feature will be available at all SBI ATMs. “Introducing the OTP-based cash withdrawal system to help protect you from unauthorized transactions at ATMs. This new safeguard system will be applicable from 1st Jan, 2020 across all SBI ATMs.”

Here’s how the OTP based cash withdrawal system works:

  • An OTP is required to withdraw money from SBI ATMs.
  • Your registered mobile number will receive an OTP.
  • The one-time password (OTP) is a four-digit code used to verify the user for a single transaction.
  • The ATM screen will show the OTP screen once you enter the desired withdrawal amount.
  • You must now input the OTP that was sent to the mobile number you registered with the bank on this screen in order to obtain the cash.

SBI’s WhatsApp banking services work

Additionally, SBI has begun offering WhatsApp Banking. The State Bank of India (SBI) now allows you to check your account balance and mini statement using WhatsApp.

The account holder should send an SMS from their registered cellphone number to 7208933148 with the phrase “WAREG” and your account number with a space between them in order to register. You will get a message on your WhatsApp number from SBI’s number 90226 90226 after finishing the registration process.