The State Bank of India (SBI) has changed ATM withdrawal rules. As per the new guidelines it has implemented a one-time password (OTP) based cash withdrawal service.
Accordingly, a withdrawal of 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.
Further, the SBI has also changed the rule for the number of free withdrawals. 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.
If the minimum balance is less than Rs 1 lakh, 5 free withdrawals are allowed per month from the SBI ATM. In case of withdrawal from the other banks’ ATM, 3 free transactions are available per month.
However, for international withdrawals, the bank will now charge Rs 100 per transaction along with a fee of 3.5 per cent of the withdrawn amount.