India's largest lender, State Bank of India, has come up with many initiatives to help customers. A new feature allows customers withdraw cash from ATMs, without using a debit card. This feature is part of State Bank Of India's digital initiative and it is known as YONO. YONO stands for You Only Need One.
The main intention behind launching YONO Cash feature is to eliminate the risk associated with the withdrawal of cash from ATMs. In the past few years, there has been a drastic increase in card frauds, which arise out of card skimming and a lot of people have lost lakhs of rupees to these frauds. The introduction of this feature will cut down on such risks.
YONO cash feature will be available across 16,500 ATMs of SBI in India and such SBI ATMs will be called YONO Cash Points. In the next 6 months, the bank will enable this service across all ATMs in India.
In order to withdraw cash from SBI ATM's without using a debit or ATM card, you must download YONO app on your smartphone. After installing the app on your smartphone, you must set a 6-digit YONO PIN for withdrawing cash. As soon as you raise a request for withdrawing cash, a 6-digit code will be sent to your phone via SMS. You need to enter this code into a YONO Cash Point.
These transactions are very safe and secure as they have a two-factor authentication. This feature will also maximize convenience and enhances the banking experience for customers.
With this feature, you will be allowed to withdraw cash up to Rs 10,000 a transaction and you can make two withdrawals a day. This limit is over and above the limits on usage of cards at SBI and other bank ATMs. At present SBI have ATM withdrawal charges, for more than five transactions carried out on SBI ATMs and five transactions at other bank ATMs.
The bank is also planning to integrate the application with the National Payments Corporation of India's Unified Payments Interface (UPI). By integrating this feature to the app, users will be able to perform various other functions like fund transfers.
Through this feature, customers will also be able to withdraw cash from Point-of-Sale (PoS) without using cards.
You can withdraw cash using this facility, only at SBI ATMs and PoS terminals. At present, SBI has more than 58,000 ATM's and 6 Lakh PoS terminals across India. This feature is available only at the 16,500 SBI ATMs and will gradually be extended to the remaining ATMs.
You cannot avoid fraudulent withdrawals if your mobile is stolen and the secret PIN is saved in the mobile itself.
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