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RBI makes One Time Password (OTP) compulsary for transactions over Telephone, IVR

As per guidance given by Reserve Bank of India (RBI), It is mandatory for all Merchants to collect and all banks to give One Time Password (OTP) for all transactions made by Credit Card through Telephone or Interactive Voice Response (IVR) to / from its customers.

This OTP will be a single user password that expires immediately after the transaction is processed and will have an expiry time of about 12 hrs if the transaction is not processed. (Varies from bank to bank)

This added security layer is similar to the one imposed last year by RBI for all transactions made online. Phone transactions remained in the gray area of misusage of cards, but that seems to be fixed now.

With this new security, the customers would need at least 5 sets of information to carry out a credit card transaction over the phone:

  1. The 16-digit card number
  2. Card expiry date
  3. CVV (Card Verification Value, which is printed on the back of the card) number,
  4. Mobile number
  5. The OTP.

If your mobile number is not registered with your bank, it is mandatory to have it registered immediately. Contact your bank for the same.

I remember that many people not knowing about additional password requirement when it was made mandatory for online transactions. That’s why, I am writing this post so that all of you know about it before hand.

What is One Time Password or OTP?

OTP is a numeric password which is valid for one time use only. As per the Reserve Bank of India (RBI) guidelines starting from February 1, 2011, all merchants in India are required to collect an OTP in addition to the information written on the Credit cards for all transactions done over the phone (IVR). OTP is issued by the bank directly to the customer.

OTP brings multiple benefits for you to feel more secure while doing transactions over the phone. With OTP you are fully safe of fraudulent transactions made through Credit Card.

When do I need an OTP?

OTP is required when you buy something over a phone / IVR systems like we do online.

For e.g. Whenever you make a purchase by calling MakeMyTrip Call Center over the phone, you need to dial in the OTP in addition to your Credit Card Number, Expiry Date and CVV.

How to get the OTP?

To get the OTP you should first register your mobile number with your bank. It is advised (by RBI) to get it done as soon as possible. The process of registering the mobile number varies from bank to bank so its best to call the customer support of the bank that issued your Credit Card to know more.

Once your mobile number has been registered with your bank, you can get an OTP different methods described by the bank.

I am writing few methods for your understanding.

How To? for different banks

otp-ivr-axis-01

OTP should reach you by SMS to the registered mobile number while carrying out the transaction.

Read more >

otp-ivr-hdfc-03

  • Send SMS: ‘PWD ‘ to 9717465555 from your registered mobile.
  • You will receive SMS with the OTP
  • Call Customer Service to register your mobile (if not already)

Read more >

otp-ivr-citibank-02

  • Send SMS: ‘OTP ‘ to 52484 or 9880752484 to generate OTP for your registered mobile number.
  • You will receive SMS with the OTP
  • Call Customer Service to register your mobile (if not already)

Read more >

otp-ivr-sbi-05

  • SMS ‘OTP ‘ to 5676791 from your registered mobile number with SBI.
  • Or Call SBI hotline 1860 180 1291 and follow the voice instructions to get the OTP.
  • Log on to www.sbicard.com to register your mobile number.

Read more >

otp-ivr-icici-04

  • Send an ‘IOTP ‘ to 5676766 from your registered mobile number.
  • You will receive SMS with the OTP on the same number.
  • Call Customer Service to register your mobile.

Read more >

Other Bank Website

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In case you have any doubt regarding the one time password, IVR, or credit card password for online transactions… it’s always good to talk to your bank. I hope this helps.

  • BHARAT SOLANKI

    thanx for infn….truly informative…

    • Tushar Tajane

      Thanks Bharat,
      Glad to see it was useful