SBI New ATM Withdrawal Guidelines

SBI has stated that ATM withdrawals of over Rs 10,000 will only be allowed by OTPs.

SBI New ATM Withdrawal Guidelines. Image used for representative purposes. 

(Photo: iStock)

The State Bank of India (SBI) has made a major change in its ATM withdrawal guidelines. All SBI customers will now be able to withdraw cash from ATMs only by using an OTP that will be generated on the customer's registered mobile number.

All customers must note that this information has been released by SBI on its official twitter handle. The tweet reads as follows, ‘Our OTP-based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters.’

Hence, this change in guidelines has come in to boost safety measures and enhance hassle-free cash withdrawals from ATMs across the country.

This is also the bank's initiative to protect and safeguard its clients from scam.

In addition, customers must note that the OTP requirements shall only be applicable to ATM withdrawals of Rs 10,000 or more.

Thus, for withdrawals of Rs 9,999 or less, customers will not be required to go through the OTP process.

For withdrawals of Rs 10,000 or more, customers will receive a notification on the ATM asking them to enter an OTP that would be sent on their registered mobile number. It is only when the customer has submitted the four digit OTP that the money can be collected from the ATM.

All customers must note that the OTP generated will be applicable for the withdrawal of one sum only.

For more details on SBI's new guidelines on ATM withdrawals, please check this space regualrly.