Business

All you need to know about cardless cash withdrawal from ATMs

The ‘Card-less Cash Withdrawal’ facility is now being offered by various banks. This facility was introduced owing to the outbreak of the coronavirus pandemic where most of the people were preferring contactless services or were afraid to step out of their houses.  

This gained more prominence because it is a very convenient way to transact money from an ATM. All you need is the mobile application of your bank installed on your phone 

However, in view of the safety of the people, various banks have now started offering this facility. Banks such as SBI, ICICI Bank, Bank of Baroda, Axis Bank, etc. are offering the cardless cash withdrawal facility.

Under this facility, cardholders can withdraw cash even without their debit cards, but by using their phones. It must be noted that this facility is available only at a bank’s own ATMs, and any other bank’s ATMs will not work. 

Many industry experts have also said that a cardless cash withdrawal facility will also curb instances of online fraud, as cash will be generated using the mobile PIN/OTP.

How does the cardless withdrawal process work?
The process of withdrawing cash from ATMs without using a debit card varies among banks. First, customers have to download their respective bank’s mobile application. If you are an SBI customer, it is the YONO app, Bank of Baroda has BOB MConnect plus, and ICICI Bank has iMobile. To initiate the transaction, go to the ‘YONO cash option’ if you are an SBI customer. Tap the ‘cash on mobile’ option if you are a Bank of Baroda customer or the ‘card-less cash withdrawal’ section if you are an ICICI Bank customer.

After choosing the designated option for cash withdrawal without using a debit card, you need to enter the amount you wish to withdraw, of course within the bank’s withdrawal limit. Then, to initiate the process and confirm the transaction, you need to enter the banking app’s password.

The bank will generate a one-time password (OTP) for the transaction, which will be messaged to you on your registered mobile number. The OTP has a limited validity; for instance, an OTP from Bank of Baroda is valid for 15 minutes. You need to use the OTP received on the ATM of the same bank to withdraw cash without using a debit card.

Transaction limit
This facility has a daily transaction limit, which allows withdrawal in the range of Rs 5,000 to Rs 20,000. It varies among banks. For instance, you can withdraw money up to Rs 5,000 from a Bank of Baroda ATM and up to Rs 20,000 from SBI an ATM without using a debit card. Keep in mind that a few banks also charge an additional charge. For instance, Axis Bank charges Rs 25 per transaction. An IMT (Instant Money Transfer) is created by the remitter. 

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