Banks are coming up with various initiatives to help customers stay happy. The main intention of these initiatives is to make banking easy and safe. Recently, some banks have come up with features where customers can withdraw cash without debit or credit cards. This feature eliminates the risk involved in withdrawing cash at an ATM.
Recently, SBI had introduced a feature called YONO (You Only Need One), which allows customers withdraw cash from ATM's without using a card. It’s not just SBI offering this feature to customers, even ICICI Bank offers this feature to its customers in a different way.
In this blog, we will discuss how you can withdraw cash without a credit or debit card at SBI and ICICI Bank.
As discussed earlier, the State Bank of India has come up with a feature called YONO which allows customers to withdraw cash from SBI ATM's without an ATM card. YONO stands for You Only Need One. In order to make use of this feature, you have to download an app called YONO to your smartphone. This app was previously designed to carry out digital transactions and you can now use this for withdrawing cash.
Once this app is installed, you have to set a 6-digit YONO PIN for withdrawing cash. As soon as you raise a request for cash withdrawal, a 6-digit code is sent to your phone via SMS. You have to enter this code into a YONO Cash Point. Using this feature you can withdraw cash up to Rs 10,000 a transaction and you can make two withdrawals a day.
In the case of ICICI bank, the person who does not have a savings bank account with the bank can only withdraw cash without a debit card through ICICI Bank's ATM. For instance, you can transfer money to your friend who does not have a bank account. In such a case, you just need to have his mobile number. After this, your friend can withdraw cash easily without a debit card through ICICI ATM.
To start the process, the sender needs to login to the ICICI Bank Net banking portal using his user ID and password and initiate a cardless cash withdrawal transaction. Before this, you have to add the name and mobile number of the person to whom you must transfer money, using the cardless cash withdrawal facility. This person is called a beneficiary and it can be added in the Net Banking Account itself.
After adding the beneficiary you must click on the 'Fund Transfers' tab and select the name of the beneficiary under the 'Cardless Cash Withdrawal' option. You must then mention the amount you want to transfer. After competition of the procedure, the amount is debited from your bank account.
Once the amount is debited from your bank account, you will receive a message with a unique 4-digit code from ICICI bank. Even the beneficiary receives an SMS with a unique 6-digit code on his mobile number. You will have to share the code you have received with the beneficiary.
Lastly, to withdraw cash without a debit card, the beneficiary must enter his mobile number, 4-digit and 6-digit verification codes (received via SMS) and the total amount at the nearest ICICI Bank ATM to withdraw the amount.
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