Can I Transfer Money from SBI Online Without OTP?

As of August 2023, transferring money from the State Bank of India (SBI) through online banking typically requires an OTP (One-Time Password). This is a standard security measure to ensure that the transaction is authorized by the account holder. However, there are ways to bypass the OTP, and in this article, we will explore these alternatives and the steps to enable them.

Why OTP is Required for Online Transfers

The OTP system is a crucial security feature designed to protect your account from unauthorized transactions. It adds an extra layer of security by requiring a unique, time-limited code that is sent to your registered phone number or registered email.

Alternatives to OTP

1. Using a Mobile Wallet

Some mobile wallets like PhonePe, Google Pay, and Paytm may allow transfers without requiring an OTP. However, these wallets often have their own security measures in place to ensure the safety of your transactions.

2. Standing Instructions

Standing instructions are a useful feature for regular payments. Once you set up standing instructions with SBI, you won’t need to provide an OTP each time a transaction is made. This is particularly helpful for recurring payments like utility bills, rent, or salaries.

How to Avoid OTP for Online Transfers from SBI

Below are the steps to follow if you want to avoid OTP for online transfers from your SBI account:

Step-by-Step Guide

Visit SBI’s Online Banking Website: Navigate to the official URL for SBI online banking. Login to Your SBI Account: Use your username and password to log in. Also, complete any necessary CAPTCHA options. Access the Profile Menu: Look for the Profile or Account Settings menu in the navigation sidebar. Look for High Security Options: In the Profile menu, you should find an option labeled 'High Security Options' or similar. Log In with Profile Password: You may need to log in again using your profile password to access these settings. Set Up Your One-Time High Security Password OTP: You will have the option to set up a one-time password for high-security transactions. Select Transaction Limits: You can choose the transaction limits for which you want to receive or skip the OTP. For example, you can set a limit of up to Rs. 10,000 per day without an OTP. Alternatively, you can set a limit for each transaction or each merchant. Choose Your Preferred Authentication Method: If you prefer a more secure method, you can choose to authenticate through SMS, SMS and email, or the State Bank Secure OTP Mobile App.

Important Notes

It is crucial to adhere to the security protocols and guidelines provided by SBI. Avoid disclosing any confidential information such as your username, password, or any OTP to third parties.

Conclusion

While the OTP system is a necessary step for online money transfers, understanding the alternatives and steps to bypass them can be beneficial. By following the guidelines outlined in this article, you can enhance your online banking experience while maintaining security.