New Delhi: Cash withdrawal through credit or debit card has made people’s life quite easy. People no longer have to stand in queues of the banks to withdraw cash.
Banks are constantly trying to make the cash withdrawal convenient for the people. Now people can withdraw money even without using credit or debit card.
Recently launched SBI’s YONO app enables customers to withdraw money without using the debit card. In fact, banks like ICICI Bank and Axis Bank also provides this facility to make a cardless cash withdrawal.
SBI’s mobile banking-
SBI’s YONO ‘You Only Need One’ is mobile banking and lifestyle app. It was initially designed to let users make digital transactions like investments, shopping, utility bill payments, recharge, travel ticket booking or money transfer using UPI. Now, it allows users to withdraw money from SBI ATMs without using a debit card. You can even transfer money to other people as well who can then withdraw cash from an SBI ATM without using his card. One important point to note here is that one can withdraw a minimum of Rs 500 and maximum of Rs 10,000 in a single transaction. The customer can withdraw a maximum of Rs 20,000 in one day from an SBI ATM.
ICICI Bank ATM-
Cash withdrawal from ICICI Bank’s ATM can only be made if you do not have a savings account with a bank. For instance, if you wish to transfer money to your child who does not have a bank account and is need of cash then, in this case, all you need his mobile number. Following the transactional process, one can withdraw money from the ICICI Bank ATM without using a debit card. According to the ICICI bank’s official website, “cardless cash withdrawal is a service which helps you to transfer cash to a beneficiary who does not have any bank account. This service is available on ICICI Bank Net banking 24×7 all through the year including Sunday and any bank holiday.” From ICICI bank ATM, a sender can transfer a maximum of Rs 10,000 per transaction and Rs 20,000 in one day. The user can transfer a maximum of Rs 25,000 per beneficiary per month.
Axis Bank ATM-
In order to make a cardless cash withdrawal, one needs to initiate the Instant Money Transfer (IMT) service. At the bank’s ATM beneficiary has to select IMT option and then on ‘withdraw IMT’. Customer needs to enter the details such as mobile number on which he has received the IMT details, the sender’s code, the SMS Code and the IMT amount. After that cash will be dispensed from the ATM. One important point to note here is that beneficiaries can withdraw IMT cash from Axis Bank, Bank of India and Laxmi Vilas Bank’s ATMs.