One requires a Debit Card of a Bank to withdraw money from an ATM (you can withdraw money from an ATM using Credit Card as well, though). Currently this facility requires carrying of a physical Debit (or also Credit) Card and remembering a four digit numeric PIN number.
Theft of Credit / Debit cards, and subsequent frauds related to this are becoming common. Card Less Cash Withdrawal is expected to put an end to this.
Now SBI becomes the first bank in India to allow withdrawal of cash from its ATMs without a Debit Card. The service is available to its own customers.
The logical steps for this facility are given below:
- This card less withdrawal of cash service is facilitated through its internet banking app called YONO.
- One needs to activate YONO on your SBI Bank account. This SBI account should have a registered phone number linked to that SBI Account.
- Subsequently, you need to log in into YONO using your ID and Password.
- Once the site is opened, go to cash withdrawal and Request for Cash Withdrawal
- At this point, you will get a Six Digit Code for registering the cash withdrawal request on the ATM
- On the ATM machine, you will need to put this Six Digit Code
- This Six Digit Code is valid for 30 minutes only
- This service is available only on SBI ATMs (currently only on 16,500 SBI ATMs) for SBI Customers with YONO registration on their pre registered phones
- Immediately after withdrawal of cash, you will get an SMS alert on your registered phone number
- Only two withdrawals in a day are allowed using this card less, YONO app method.
- Only a maximum of Rs. 10,000 withdrawal per transaction is allowed, hence, a maximum of Rs. 20,000 per day through card less mechanism