Apart from the state-run lender SBI that provides cash withdrawal at ATMs through its YONO app, two more banks have forayed into the service to render more user-friendly services.
Here’s process for cardless withdrawal at ICICI Bank ATM
In the process, the sender or transferor of funds need to log in into one's account through net banking and initiate a cardless withdrawal. And before it you need to add the name and mobile number of the beneficiaries for whom you want to execute the cardless ATM withdrawal.
Later under the cardless cash withdrawal tab you need to click on the link for fund transfer and select the beneficiary name. You need to then enter the amount, and after the authentication, the said amount gets debited from your account.
Here you will be receiving 4-digit unique code and at the same time beneficiary will also receive a 6-digit code on their phone. This-4 digit code that has been received by the sender of money needs to be shared with the beneficiary. The transaction as well as the code remains valid until midnight of the next day.
And to withdraw this amount, all the beneficiary needs to do is visit a nearest ICICI Bank cardless cash withdrawal ATM and enter his or her mobile number, amount and the unique 4 and 6-digit codes to complete and withdraw cash.
According to the bank's website, "cardless cash withdrawal is a service which helps you to transfer cash to a beneficiary who does not have any bank account. This service is available on ICICI Bank Net banking 24x7 all through the year including Sunday and any bank holiday."
How to look for nearest cardless cash withdrawal ICICI Bank ATM?
To know the nearest outlet for the service, the beneficiary can send SMS to 922220888 in this format ATMCC .
Limits of cardless cash withdrawal per beneficiary
-Per transaction limit is pegged at Rs. 10,000
-In a day, the maximum amount that can be transferred using the facility is Rs. 20,000
-And to a single beneficiary, the amount that can be transferred monthly is Rs. 25,000.
And the amount of money transferred has to be withdrawn by the beneficiary in one-go.
In case of mismatch while the beneficiary enters the details for executing the cardless withdrawal, the facility will be blocked and the amount will be transferred back to the sender.
For availing the service, the sender of the funds has also to bear the service charges which is Rs. 25 per transaction and include other levies such as taxes etc.