What is OTP? – An OTP (one-time password) is a numeric key to make telephonic transaction or mobile payments more secure. Just as you have a password for netbanking or online card payments, an OTP is a secure password to make payments through the call centre.
Who will issue the OTP?
The OTP will be issued by the bank that issues the credit card. You will need an OTP for each credit card you hold.
For how long will the OTP be valid?
For additional security, a new OTP will be issued for each call centre transaction. Depending on your bank, the OTP will be valid for between 30 minutes to 12 hours. However, in most cases the OTP will be valid for a single use and will remain in effect for two hours. Customers will need to generate a separate OTP for each IVR transaction.
Will this affect online password and transactions?
No. The OTP is only for IVR or mobile-based payments – payments made through a call centre. Online transactions function as they are, following the third-party security protocol.
Which payments will be covered by the OTP?<.b>
All IVR-based transactions will require an OTP. You will also need it for airlines booking, payments made for mobile payment or DTH recharge.
How can you get the OTP?
Each bank has its own process for issuing the OTP to customers. For most banks, it is just a matter of sending a specific SMS to the bank.
Here is a list of banks and their processes
>> Contact your bank at the earliest and get your telephone number registered to ensure that your telephonic transactions are hassle-free.
>> For ICICI Bank, SMS ‘IOTP XXXX XXXX XXXX XXXX’ to 5676766, where XXXX XXXX XXXX XXXX is your 16-digit card number.
>> For HDFC Bank, SMS ‘PWD XXXX’ to 9717465555, where XXXX are the last four digits of your credit card.
>> For Citibank, SMS ‘OTP XXXX’ to 52484 or 9880752484, where XXXX are the last four digits of your credit card.
>> For SBI SMS ‘OTP XXXX’ to 5676791, where XXXX are the last four digits of your credit card.
>> For Axis Bank, every time you initiate an IVR-based transaction, the bank will automatically send you a one-time password.
You might find these relevant:
- Income Tax Related Updates in Union Budget 2015
- Pradhan Mantri Jeevan Jyoti Bima Yojana: features key Benefits
- Atal Pension Yojana Scheme Launched
- New Home Loan Offers for Mumbai Govt Staff
- GDA to launch scheme for affordable homes in 2015
- How Cut in Repo Rates by RBI helps Loan Borrowers to Save Money?
- SBI Quick for mobile inquiries – Service
- Home Loan Down Payment Requirements
- How to transfer Home loan from one bank to another bank?
- Loan for Buying a Plot, Documents details, Project Cost