Business

How to Use SBI OTP Based Cash Withdrawal System & Make Deposit at Zero Cost?

Punjab Tribune Bureau | April 30, 2022 02:27 PM

NEW DELHI: Customer satisfaction has reached new heights in India's banking sector, both in terms of ease and security. Most banks nowadays provide their customers with a variety of digital account management solutions as well as the ability to make cash-related transactions in a secure manner. The country's largest lender, State Bank of India (SBI), has allowed its customers to withdraw cash using a secure OTP-based system for their convenience and to prevent continuing financial frauds.

SBI OTP Based Cash Withdrawal System

In a recent Tweet, SBI has made clear that "Our OTP based cash withdrawal system for transactions at SBI ATMs is vaccination against fraudsters. Protecting you from frauds will always be our topmost priority."

SBI's OTP-based cash withdrawal system protects you from illegal ATM transactions by sending a four-digit one-time password (OTP) to your registered mobile phone, or mobile number linked to your savings account, for each cash withdrawal request. Only cash withdrawals will be permitted after confirming the OTP on the ATM screen. Customers an aim to avoid unauthorized ATM cash withdrawal fraud will find the technique to be sufficiently safe. Customers of SBI should be aware that the OTP-based cash withdrawal mechanism allows them to withdraw only Rs 10,000 or more from SBI ATMs.

SBI ADWM

The Automated Deposit and Withdrawal Machine (ADWM) of State Bank of India (SBI) is an ATM-like machine that allows customers to make cash deposits in a paperless manner, allowing them to avoid queues and save time, hence enhancing their banking comfort with SBI. Customers can use key banking services such as quick and paperless cash deposit and withdrawal transactions, cash deposit facility for PPF, RD, and loan accounts, instant credit into self or third party SBI accounts, cardless cash deposit up to Rs 49,900 per transaction, and cash deposit facility up to Rs 2 lakh per transaction using SBI debit card with PAN seeded account, in addition to cash withdrawal transactions.

SBI does not charge fees for depositing cash in a self-account using an SBI debit card, in addition to the aforementioned perks. Cardless cash deposits and cash deposits made using an SME Insta/Business debit card, however, are subject to a minimum charge of Rs 22 + GST. The State Bank of India's (SBI) Automated Deposit and Withdrawal Machine (ADWM) also permits cash withdrawals using other banks' debit cards, and SBI customers can check account balances, generate Green PIN, and generate mini statements.

Through a recent Tweet, SBI has informed that "Use your debit card and deposit cash free of cost in your personal savings and current account through our ADWMs.

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