Does OTP cost money?

No. Your OTP is free of charge. Note, however, that when your mobile number is in international roaming mode while you are overseas, the corresponding telecommunication charges of your network provider may apply.

Do banks charge for SMS?

The Bank had recalibrated its SMS charges following the new regime introduced by the telecom regulatory authority. The bank has said that from July 2021 it will charge customers 25 paise for every SMS alert subject to a maximum of ₹25 a month.

What is an OTP charge?

The One-Time Passcode (OTP) service is an additional level of security in Online Banking that allows you to authorize certain transactions. You will be required to enter the unique code you receive each time you initiate specific transactions such as recurring transfers to accounts at other banks.

What is the use of OTP in an banking transaction?

“OTP SMS” which is one of the Smart Pin family, is a system to send to your mobile phone a “one time password” for your all money transfer and payment operations and Internet Banking login. You or any other person can’t use for a second time these five digit one time passwords generated by OTP SMS.

What is the SMS charges in Bank of India?

SMS Alerts Rs. 15/- per quarter (if the number of SMSs go beyond 5 in a Quarter) from the customers registered for SMS Alerts.

What are the charges for SMS in SBI?

SMS Alert charges per quarter from Debit Card holders who maintain average quarterly balance of ₹25000/- & below during the quarter. Charges Rs. 1. 2….Achiever Card:

What does OTP SMS mean?

one time password
In the SMS OTP authentication method, a one time password (OTP) is sent with the SMS text to the user’s phone. The user receives the OTP and enters it on the device where the authentication is happening. The OTP must be used within a specific time frame.