SBI rules to withdraw money from ATM, now OTP required
Now you will need one time password (OTP) to withdraw more than ten thousand from your ATM. In view of online bank fraud cases, it has been decided to give this facility 24 hours.
The State Bank of India (SBI) has changed the rules for withdrawing money from ATMs in the wake of increasing cases of bank fraud during the Corona epidemic. Now you will need one time password (OTP) to withdraw more than ten thousand from your ATM. Earlier this facility was available from 8 am to 8 am. But SBI has decided to provide this facility 24 hours in view of the increasing online bank fraud cases.
Actually, despite the strict rules of the Reserve Bank of India (RBI), online fraud cases are constantly increasing in the Corona era. In such a situation, the State Bank has taken this decision in view of the security of its account holders. This rule has come into force across the country from 18 September. Explain that if you withdraw less than 10 thousand from your SBI ATM, then you will not need OTP. You will be able to withdraw money from the ATM as before. This rule will only apply to withdrawals of 10 thousand or more.
How to withdraw
If you withdraw more than 10 thousand from your State Bank ATM, then you will see the screen of the OTP along with the amount on the machine screen. OTP will be sent to the account holders on their registered mobile number. Only after putting OTP you will be able to withdraw money. At present, this facility is available only in SBI ATMs. Account holders of other banks can withdraw from their ATMs as before.
