The OTP-based transaction is one of the best security features for a bank account. You cannot do any transaction without entering OTP. But, OTP management is one such facility in SBI where there is no need to enter OTP for transactions up to Rs.10,000/-.
You can set this through the ‘OTP Management’ option in the YONO SBI app. In such a situation, you will not need to enter OTP for transactions up to ten thousand rupees. You can set the cumulative daily limit through the YONO app here.
This feature has been introduced in the ‘OTP Management’ option in the SBI YONO app. You will get the facility of up to ten thousand rupees during the transaction without entering OTP.
What is OTP Management in SBI?
OTP Management is a service of SBI Bank launched in October 2020. You can do online transactions up to Rs 10,000 without entering OTP. Entering OTP for a minimum amount is a waste of time for the user.
Here, you can set a daily cumulative limit of up to ten thousand rupees (10,000 / -) in a YONO application, where OTP will not be required for online transactions. But, do check once, because SBI had stopped this service once in the middle.
How to Manage OTP in SBI?
You can now set the ‘Cumulative Daily Limit‘ to less than ten thousand or ten thousand rupees by entering the amount or moving the slider provided in the YONO app, where you can complete the transaction without OTP.
Here you can save your precious time without adding OTP. This feature has been added to the Yono application, and you can take advantage of this feature.
Follow these steps to complete OTP management. First of all, you have to install the YONO application from the Google play store. Log in with your username and password or MPIN.
1: Click on the ‘Service Request’ option below on the home screen.
2: On the next screen, click on ‘Settings‘.
3: Here, you will find the option of OTP management at the bottom of the screen.
4: Click on the ‘OTP Management’ option; and set a daily cumulative limit.
5: Enter the amount or move the slider to an amount that will not require an OTP and click on the ‘Confirm’ option.
On selecting ‘Confirm’ it will successfully set the daily cumulative limit. Thus, through the OTP management option, you can set a cumulative daily limit of less than Rs 10000/- where OTP is not required.
Cumulative Daily Limit in SBI
You can set a cumulative daily limit in the YONO app, which will not require any OTP during the transaction. Thus it will help in quick transactions and save your precious time. However, you will receive OTP if the sum of all your daily transactions exceeds the prescribed limit.
If you do not want to set the cumulative limit, you can disable it anytime. This feature has just arrived in the YONO app, and you can take advantage of this feature. But check again in YONO app whether the option is there or not.
A: This Option is not currently available in the YONO application (2022).
A: Can’t say, the OTP management option will be available or not.
A: September 2020.