New Delhi: State Bank of India (SBI), India’s largest lender, has already changed the OTP-based rules for withdrawing money from ATMs. From September 18, SBI has announced that it will extend the withdrawal time from ATMs, thus giving customers a wider window of time.
SBI customers can withdraw Rs 10,000 and above from ATMs after OTP verification throughout the day.
SBI has re-tweeted the rules for its customers. The bank is asking customers to be vigilant and make secure transactions.
“With the security of our customers in mind, SBI has extended STP-based authorization for withdrawals of ₹ 10,000 and above at ATMs 24×7. Be careful and transact securely!” SBI tweeted that.
With the safety of our customers in mind, SBI has extended its OTP-based authorization for withdrawals of மேற்பட்ட 10,000 and above at SBI ATMs to 24×7. Be careful, transact safely!#SBI #StateBankOfIndia # Customer protection # Taking money pic.twitter.com/5wLKb7LvCT
– State Bank of India (OTheOfficialSBI) October 19, 2020
In January, the bank allowed customers to use the facility from 8pm to 8am.
How does an OTP-verified ATM transaction work?
State Bank of India has announced the introduction of OTP-verified ATM transaction to reduce the number of unauthorized transactions.
With the introduction of its OTP-based cashback facility, State Bank has added another layer of security to withdraw money through its ATM service.
The OTP will be received on the mobile number of the customer registered with the bank. This additional factor of authentication protects State Bank cardholders from unauthorized ATM withdrawals.
Who can avail the services?
This facility does not apply to transactions where a State Bank card holder withdraws money from another bank’s ATM. According to SBI, this function is not developed in the National Financial Switch (NFS). NFS is the nation’s largest operating ATM network and manages more than 95% of domestic intermediate bank ATM transactions.
How to withdraw money based on SBI OTP service?
Once the cardholder enters the amount he / she wants to withdraw, the ATM screen will display an OTP window.
The customer has to enter the OTP received on the registered mobile number to complete the transaction.
A few rules have been introduced for the bank’s customers from October 1. The tax levied on the source of the liberalized remittance scheme (TCS) has been implemented from October 1, 2020. TCS on the liberalized remittance scheme charges more than Rs 7 lakh per customer per transaction in a financial year and comes into effect from October 1.
A limit of Rs. 7 lakhs will be fixed for the financial year by including all LRS transfers (including education loan disbursements). If remittances are sent for overseas tour program packages, DCS will apply to all transactions, even if the amount is less than Rs 7 lakh.