In India, the State Bank of India (SBI) has become the first bank to facilitate withdraw money without using an ATM card from ATMs for its account holders. SBI is presenting the cardless ATM cash withdrawal service with the help of its internet banking app called YONO.
Here’s All that you need to know about the service and how to make use of it.
1. At first, the account holders need to activate internet banking on their SBI account and get the phone number registered.
2. To avail this service the account holders need to download the “Yono SBI” mobile app on their Android smartphone or iPhone.
3. After downloading the Yono SBI app, one needs to log in with the internet banking details.
4. To withdraw cash from ATM, one needs to open the Yono SBI app and place a request for cash withdrawal.
5. Once the cash withdrawal request is placed, a 6-digit code is received on mobile for registering the cash withdrawal request on the ATM.
6. One needs to have the 6-digit code before entering the ATM. Enter this code on the ATM machine to withdraw cash.
7. Note: This 6-digit cash withdrawal code is valid for only 30 minutes.
8. This service of cardless cash withdrawal is only available in SBI ATMs and Yono cash points.
9. This service will not work in any other banks ATMs
10. A cash withdrawal alert SMS will be sent on the registered mobile number.
11. In India, the Yono cash withdrawal facility is available across 16,500 SBI ATMs.
12. Using the Yono SBI app, only two withdrawals are allowed in a day.
13. The SBI account holders can withdraw only up to Rs 10,000 per transactions from the ATM.
14. This cardless cash withdrawal service will put a stop to frauds arising due to theft or loss of ATM cards.
15. SBI claims that this service will also avoid account holders from ATM card skimming or cloning frauds.