K. ARAVIND
The use of technology has led to an increase in ‘cashless’ transactions. The next step is to switch to card-less transactions. SBI, the country’s largest bank, has introduced withdrawals without credit or debit cards from ATMs.
Those who have SBI’s mobile banking app installed on their phone can withdraw money without a card. You Only Need One (YONO) is the name of this mobile app. Earlier, services like deposit, shopping, bill payment, recharge and UPI were available to the customer through this app.
The first step is to log in with the net banking user ID and password through SBI’s Mobile Banking app. This can also be done through the Yono website. The customer will get a six digit reference number after entering the six digit Yono Cash pin in the app or website. It can be used to withdraw money from SBI ATMs within the next 30 minutes. No card is required for this transaction. Thirty minutes later this number will be useless.
This method can also be used to transfer money to a person who does not have an account with SBI. To do this, you need to register your Beneficiary List with the name, mobile number and address of the person to whom the money should be sent. After this the money can be transferred. Once transferred, the SBI verification code will be sent via SMS to the mobile number of the beneficiary. With this code you can withdraw money from SBI ATM without a card.
Up to Rs 10,000 per transaction can be withdrawn without a card. Up to Rs 20,000 per day can be withdrawn. There is no special charge for SBI account holder withdrawing money using this method. At the same time, after transferring money to another person, he has to pay Rs 25 per transaction for the service of withdrawing money through SBI ATM without a card.
It is not possible to withdraw money in this manner from all SBI ATMs. Withdrawals without a card can only be made through the ATMs that include this service.
While the next generation of banks have been at the forefront of using the latest technologies earlier, SBI is the first bank in the country to introduce a ‘cardless withdrawal’ facility for savings bank account holders. Apart from SBI, ICICI Bank and Axis Bank have also introduced the facility of transferring money to another person who does not have an account and who can withdraw money through ATMs without a card.
