The State Bank of India (SBI) has developed a one-time password (OTP) to secure customer transactions. To ensure the high security and safety of your account, this OTP based password adds another layer of security to your account. “SBI makes online banking safer with our OTP-based connection for added security. Now hassle-free banking from the comfort of your home,” the country’s leading lender said in a tweet.
If you want an alert on your mobile phone for every transaction, you need to set a High Security Password (OTP) for your SBI account.
How to set high security password in SBI
1) Log in to the SBI online site with your username and password.
2) Click on ‘My accounts & profile’.
3) Click on the “High Security Password” link and using the profile password go to the next page.
4) On the next page, you will see some security options as shown below.
- Operations which consist of an intra or interbank beneficiary payment, by credit card or IMPS or by international transfer.
If you select “Yes” you will get OTP for all transactions. If you select “No”, you will not get a WBS for transactions until ??10,000 performed cumulatively over the course of a day.
- Transactions carried out in merchant establishments.
- Now you need to select the mode in which you prefer to get OTP -SMS, SMS and Email, State Bank Secure OTP (mobile app).
A high security password using the OTP method will help you keep tabs on your banking transactions.
SBI OTP based ATM cash withdrawal facility allows customers to withdraw ??10,000 and over from their ATMs by entering an OTP sent to their registered cell phone number, along with their debit card PIN each time. Active since January 1, 2020, for additional security reasons, this service is available all day from September 2020.
The country’s largest lender has launched a KYC (Know Your Customer) video-based savings account opening feature on its mobile banking app, Yono. The initiative, powered by artificial intelligence and facial recognition technology, is a contactless and paperless process, the bank said in a statement.
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