Cardless Cash Withdrawal: Here’s everything you wanted to know

The cardless cash withdrawal facility is now being offered by various banks. This facility was introduced as due to the COVID-19 pandemic, many people were avoiding going to ATMs.

Very few banks were offering the cardless cash withdrawal facility before the pandemic. 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. Note that, this facility will be available only at a bank’s own ATMs, and any other bank’s ATMs will not work. For instance, ICICI Bank customers can withdraw cash without their debit card but through its mobile banking app, iMobile, and raising a request. This way customers can withdraw cash without using a debit card at ATMs.

However, not many people know about it. Industry experts say the cardless cash withdrawal facility will also curb online fraud, as cash will be generated using the mobile PIN.

As a few banks have started this facility, customers of all banks may not get the benefit. Hence, find it out with your bank whether they are offering the service or not. Get in touch with your bank’s local branch or look for details online. If the services are offered, then you can download your bank’s mobile app for an easier process. For instance, the SBI customers can download the YONO app, for cardless cash withdrawal. The Bank of Baroda customers can download the ‘BOB MConnect plus’ app, while the ICICI Bank customers can download the ‘iMobile’ mobile banking app.

This cardless cash withdrawal facility can be used for self-withdrawal. However, it comes with a daily transaction limit. The transaction limit ranges from Rs 10,000 to Rs 20,000, depending on the bank. 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. Instant Money Transfer/IMT allows remitter to transfer money using only the beneficiary’s mobile number.

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