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Can we take 10000 from ATM?

Customers withdrawing Rs 10,000 or more from ATMs will have to go through an extra level of security, a One Time Password (OTP). This step has been taken by the State Bank of India (SBI) to protect the customers from fraudulent transactions and thefts.

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Customers withdrawing Rs 10,000 or more from ATMs will have to go through an extra level of security, a One Time Password (OTP). This step has been taken by the State Bank of India (SBI) to protect the customers from fraudulent transactions and thefts. With the inception of this new security layer, SBI customers will now need to mandatorily carry their mobile phones to the ATM as they would receive the OTP on their registered mobile number.

How to withdraw cash from SBI ATM using OTP

Enter the amount you wish to withdraw.

If the amount is Rs 10,000 or more, you will receive an OTP on your registered mobile number. Enter the received OTP number received on your phone into the ATM machine.

Complete the transaction and withdraw the cash.

Notably, this OTP-based cash withdrawal method was first introduced by SBI back in January 2020 with the idea to save SBI cardholders from unauthorised transactions. SBI had underscored that the OTP, which is a string of numeric string of characters, will authenticate the user for a single transaction. An all new OTP based cash withdrawal system has been in effect since 1st Jan 2020 at all our ATMs. Protect yourself from unauthorized transactions across all SBI ATMs from 8 PM to 8 AM.#SBI #StateBankOfIndia #ATM #OTP #Safety #TransactSafely #SBIATM #Cash #Withdrawal pic.twitter.com/9G9RLhLNsh — State Bank of India (@TheOfficialSBI) July 3, 2020

New SBI ATM rules and WhatsApp banking

Earlier in June this year, SBI introduced a few rules including cash withdrawal limit and charges, international transaction rules and more. According to the new rule, SBI cardholders with a monthly balance of up to Rs 1 lakh can get five free transactions at ATMs in Delhi, Mumbai, Kolkata, Chennai, Bengaluru, and Hyderabad. However, just three transactions are permitted when using SBI cards at ATMs of other banks. In addition to this, SBI would charge Rs 5-20 for transactions at ATMs from other banks after the free limit is reached, depending on the type of transaction and the ATM. Currently, the charge from the bank's ATMs that exceed the free limit is Rs 10, and Rs 20 for financial transactions from other ATMs that exceed the free limit. Last week, SBI also introduced its WhatsApp banking services allowing its customers to avail new services such as balance enquiry and acquire mini statements using their phone. Check here how to activate SBI WhatsApp banking. Your bank is now on WhatsApp. Get to know your Account Balance and view Mini Statement on the go.#WhatsAppBanking #SBI #WhatsApp #AmritMahotsav #BhimSBIPay pic.twitter.com/5lVlK68GoP — State Bank of India (@TheOfficialSBI) July 19, 2022

Image: PTI

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Can I withdraw without penalty?

Unfortunately, the U.S. government imposes a 10 percent penalty on any withdrawals before age 59 1/2. Some early distributions qualify for a waiver of that penalty — for instance, certain types of hardships, higher education expenses and buying a first home.

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