Mumbai, July 25: The country's largest lender, State Bank of India (SBI) has launched a one-time password (OTP) based cash withdrawal service to protect its customers against fraudulent ATM transactions, NDTV reported. The move comes as an extra layer of protection against unauthorized transactions.

According to the SBI, customers will have to enter the OTP during the cash withdrawal at ATMs to complete the transaction. "Customers withdrawing ₹ 10,000 or more in one transaction at the SBI ATMs will need the OTP to complete the transaction," Bank said. Credit Card, Debit Card Rules to Change As Card-Tokenisation Comes Into Effect from July 1; Check Details Here.

How to withdraw cash using OTP at SBI ATM:

  • Always carry your phone and debit card with you while using SBI ATM.

  • Insert debit card, ATM pin, and the withdrawal amount.

  • You will be asked for an OTP

  • The OTP will be sent to your registered number.

  • Enter the same OTP on ATM

It is said that soon other major and minor banks may soon implement this method for cash withdrawals from ATMs.

(The above story first appeared on LatestLY on Jul 25, 2022 05:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).