How to check and correct OTP settings for sbi NetBanking/IMPS/NEFT/RTGS

Many persons don't know whether OTP for various modes of payments are enabled or not, here I decoded settings for modes of internet banking merchant transactions/IMPS/RTGS/NEFT transaction for SBI bank.

To avoid fraud as mentioned in the below news, everyone should correct these settings asap.

https://www.divyabhaskar.co.in/business/news/the-mistake-is-yours-beware-of-banking-fraud-127739643.html 

High security options SBI

You can find this setting under My account & profile>Profile> High-security options post login to your sbi internet banking account.

1). Option 1 is for IMPS/NEFT/RTGS transfer which should be always marked as "Yes" as shown in the above image.

As mentioned in the note, if  "Yes" is selected then OTP will be delivered for all the transactions, but if "NO" is selected there then you will not get OTP for transactions of the amount below Rs.10000.

2). Option 2 is for internet banking merchant transactions,i.e., you get internet banking payment method while making payment for any online shopping website or any other online payment.

By default this option maybe selected as "NO", so many people may BECOME victim of online fraud if any fraudster get access about your user id and password for online banking, they can use phishing tricks to get access for your userid and password.

So this option should be always selected as a "Yes", you will get OTP for all internet banking merchant transactions.

3). Option 3 is for a mode of OTP verification, you can choose anyone i.e., SMS on your registered mobile number or SBI OTP authenticator app or both SMS and email.

4). Option 4 is for registration for the SBI OTP authenticator app.

For any further clarification or help, do let me know in a comment.