SBI Changes Rule For ATM Cash Withdrawal – Free PDF Download

Published On July 27th, 2022 Leave a comment

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What has happened?

The State Bank of India (SBI) has launched a one-time password (OTP) based cash withdrawal service to protect its customers against fraudulent ATM transactions.
Soon many banks are expected to switch to this method for cash withdrawals from ATMs.
This will work 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.
The OTP is a system-generated four-digit number, which will be sent on the registered mobile number of the customer.
The OTP will authenticate the cash withdrawal and it will be valid for only one transaction.
The largest lender in the country launched the OTP-based cash withdrawal services on January 1, 2020.
But this is applicable for people withdrawing Rs 10,000 or more in one transaction at SBI ATMs, as an extra layer of protection against fraud.
The bank tweeted, “Our OTP based cash withdrawal system for transactions at SBI ATMs is a vaccination against fraudsters. Protecting you from fraud will always be our top priority.”

The country’s largest lender State Bank of India (SBI) offers five free transactions for customers maintaining a monthly balance of up to Rs 1 lakh at its ATMs in Delhi, Kolkata, Mumbai, Chennai, Bengaluru and Hyderabad.
The free transactions are capped at three at other bank ATMs.
SBI charges Rs 5-20 for transactions beyond the free limit, depending upon the type of transaction and the ATM.
SBI charges Rs 10 to withdraw money from the bank’s ATM beyond the free limit, while it levies Rs 20 for financial transactions from other ATM beyond the free limit.
For non-financial transactions like checking account balance, customers are charged Rs 5 at SBI ATM and Rs 8 at other bank ATMs.
Those who maintain a monthly balance of over Rs 1 lakh are offered unlimited free transactions at SBI and other bank ATMs.
For international transactions at ATM, the bank charges Rs 100 apart from 5% of the transaction amount.
International transactions made through point of sale are charged at 3% of the transaction amount.
If one has an insufficient balance in the account and a transaction is declined due to that, SBI charges Rs 20.

SBI is India’s largest public sector bank with 22,224 branches and 63,906 ATM/CDM in India.
Approximately, 91 million and 20 million people use Internet Banking and Mobile Banking.

SBI recently raised its interest rates on both loans and deposits.
It hiked its interest rates on fixed deposits by up to 20 basis points.
The new SBI FD interest rates are applicable to deposits below Rs 2 crore.
The maximum interest rate will be enjoyed by depositors who have or will open an FD account in the 211 days to less than a year tenure.

Q) Which among the following is NOT a quantitative measure of control ?