State Bank of India what is One Time Password

Can you tell me about benefits of One-Time Password (OTP) in State Bank of India? Also tell me the Daily Limit through Mobile Banking in State Bank of India?

A One-Time Password (OTP) is a password that is valid for only one login session or transaction, on a computer system or other digital device. OTPs avoid a number of shortcomings that are associated with traditional password-based authentication.

One can perform Intra-Bank/Inter-Bank/Credit Card (VISA) and IMPS transfer with One Time password (OTP) through Mobile Banking website, provided user has set "Enable High Security" to "Yes" at the "Profile" section of desktop site.

The OTP option is an easy and secure online payment service that enhances the security during online purchase. There are two methods of using one time password for authentication during online transaction:
• OTP during transaction
• Pre-generated OTP before transaction

Benefits of OTP Option
• No need to remember multiple passwords
• On the secure page there are three options to authenticate the transaction.
• Customer can choose any of 3 options to authenticate the transaction

In case "Enable High Security" is set to "No", users would be able to transact up to Rs. 10,000 per day without OTP. However, if the limit of Rs. 10,000 is exceeded, then OTP will be mandatory to complete the transaction.

Daily Limit through Mobile OnlineSBI:

Intra-Bank, Inter-Bank, Credit Card (VISA) Bill Pay and IMPS Funds Transfer
Up to a cumulative of Rs. 50,000 per user

NPS contribution
Up to Rs. 50,000 per user

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Answered By StudyChaCha Member