SBI to Change Cash withdrawal rules

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ATM fraud cases are increasing rapidly during the country. Because of this, the country’s largest bank State Bank of India (SBI) has now determined to implement SBI cash withdrawal rules like a one-time password (OTP) based ATM cash withdrawal facility (24 ×7). 

Let’s understand in detail – 

New Guidelines by SBI

SBI has announced the new system for the OTP-based cash withdrawal from ATMs. State bank of India cash withdrawal rules

Begins from September 18, 2020. SBI customers will now be capable to make ATM withdrawal above Rs 10,000. This new factor of authentication protects State Bank cardholders from unauthorised ATM cash withdrawals.

SBI Cash Withdrawal Rules

Withdrawing 10 thousand rupees or more from SBI ATM will need OTP verification. Till now, OTP was needed only after withdrawing 10 thousand rupees or more from eight o’clock in the night. The new rule was performed by the bank from 1 January. Under this, OTP based cash withdrawal was introduced from 8 am to 8 pm on withdrawal of 10 thousand rupees or more.

Benefits of SBI New Withdrawal Rules

SBI has always been at the lead in terms of technological improvement and safety. The 24×7 OTP-based cash withdrawal feature will more strengthen the security level. By implementing this facility, SBI debit cardholders will be able to avoid frauds, unauthorized withdrawals, card skimming, and card cloning and similar risks.

Who can get services?

This facility will not be suitable for transactions, where a State Bank cardholder withdraws cash from another bank’s ATM. It is because this functionality has not been acquired in National Financial Switch (NFS), as per SBI. NFS is the biggest interoperable ATM network in the country and it manages more than 95 per cent of the domestic interbank ATM transactions.

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