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Indian banking system | sbi | ATM Withdrawal
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The country's largest public sector bank, the State Bank of India (SBI), has implemented a one-time password-based (OTP-based) cash withdrawal service. In a bid to protect the customers against ATM frauds, a withdrawal of or more than Rs 10,000 will now be possible only by entering the OTP in the ATM.
If the OTP sent to the customer and the OTP entered by the one withdrawing money does not match, the ATM will not dispense any cash. Also, the OTP sent to the accountholder's mobile number will only be valid for one transaction.
The OTP-based withdrawal was launched by SBI originally on January 1, 2020. Several other banks are expected to follow suit.
How to withdraw cash from SBI ATM using OTP?
Follow these steps to withdraw cash using OTP:
Apart from this, the SBI has also changed the rule for the number of free withdrawals. According to the SBI's latest notification, if a person maintains a minimum balance of Rs 1 lakh or above in their bank account, they are eligible for unlimited free withdrawals from an SBI ATM.
However, if the minimum balance is less than Rs 1 lakh, 5 free withdrawals are allowed per month from the SBI ATM. If the person is withdrawing from the ATMs of other banks, the number of free transactions has been capped at three per month.
For international withdrawals, the bank will now charge Rs 100 per transaction along with a fee of 3.5 per cent of the withdrawn amount.
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