- India’s biggest public bank makes online transaction safer for its customers
- A high-security password using the OTP method will help customers to keep a tab on their bank account transactions
- SBI is India’s biggest lender
India’s biggest lender, the State Bank of India (SBI), has come up with a One Time Password (OTP) to make its customers’ online transactions safer. In order to ensure higher safety and security of its customers’ accounts, this OTP-based password will add another layer of security to the bank accounts/.
Also Read: 10 Best Banks For Savings Account In India
SBI, in a tweet, said, “SBI makes online banking safer with our OTP based login for added security. Now bank carefree from the comfort of your home”.
SBI makes online banking safer you with our OTP based login for added security. Now bank carefree from the comfort of your home.— State Bank of India (@TheOfficialSBI) April 23, 2021
Get started: https://t.co/8O47eWN4yG#SBI #OnlineSBI #SafeBanking pic.twitter.com/a6mVjwjYjJ
If any SBI account holder wishes to get an alert on his/ her mobile phone for every transaction, the user will need to set a high-security password (OTP) for their SBI account.
How to set a high-security password in SBI
- Log in to the SBI’s online website with your username and password.
- Click on ‘My accounts & profile’.
- Click on ‘High-Security Password’ link and using the Profile Password, go to the next page.
- On the next page, you will be shown a few security options as given below.
- All the transactions which will consist of an intra or the inter-bank beneficiary payment, credit card or IMPS or international fund transfer.
In case you select “Yes” you will be getting OTP for all the transactions. In case you select “No” you will not be getting OTP for transactions up to ₹ 10,000 done cumulatively during a day.
- Transactions that are done at Merchant establishments.
- Now, you need to select through what mode you would prefer to get an OTP -SMS, SMS and email, State Bank Secure OTP (Mobile App).
The method of a high-security password using the OTP will help the SBI account holders to keep a tab on their bank account transactions.
The SBI OTP-based ATM cash withdrawal facility allows customers to withdraw ₹ 10,000 and above from the ATMs by entering the OTP which would be sent on their registered mobile number, in addition to the debit card PIN each time.
Active since January 1, 2020, for extra security, this service is available throughout the day from September 2020.
SBI, the largest lender in India, even launched a video KYC (Know Your Customer) based savings account opening feature on its mobile banking app called Yono. The initiative which is powered by Artificial Intelligence (AI) and facial recognition technology, is a contactless and paperless process, the bank said in a release.