SBI customers can withdraw cash through the YONO app from SBI ATMs. The ATMs that enable this service are termed as YONO CashPoints.
SBI, the country’s largest scheduled commercial bank, had introduced the YONO app for cardless cash withdrawal a few months back. Few other banks also offer cardless withdrawal through ATM, but SBI customers can withdraw cash through the YONO app from SBI ATMs (yono cashpoints). The ATMs that enable this service are termed as YONO Cashpoints. The platform also eliminates the use of debit cards.
Recently, the State Bank of India (SBI), notified that they are planning to establish around 10 lakh YONO CashPoints in the country over a period of 18 months. With this, SBI customers will be able to withdraw cash with the help of just their smartphones.
This facility was brought not only to eliminate the requirement of using debit cards but also the risk of skimming and cloning, and thereby increasing the convenience of card-less cash withdrawals. Through YONO Cash, the withdrawal process is secured and comes with 2-factor authentication, which one can initiate by installing the YONO app. The app can be accessed through Android and iOS-powered mobiles, and on the web through a browser.
MUST WATCH | ITR 2019: How salaried individuals can file ITR with LTCG details?
Here’s how you can withdraw cash through the SBI YONO app:
- You can initiate a transaction by installing the YONO app.
- Once the app is downloaded, then set a 6 digit YONO Cash PIN for transactions.
- As YONO Cash comes with 2-factor authentication, on initiating the cash withdrawal process you will get another 6 digit reference number for the transaction on your registered mobile number via SMS.
- This reference number needs to be used within 30 minutes along with your PIN, in a YONO Cashpoint to withdraw cash.
Here’s how you can withdraw cash through the SBI YONO website:
- Visit and login to the SBI YONO website.
- Enter your net banking ID and password and login again. Note that you have an active personal internet banking account.
- You will be taken to your SBI YONO dashboard, where you can get the overall details about your account. You can also do other e-banking related activities.
- Scroll down the website to the bottom, and under the ‘My Rewards’ section, click on the YONO Cash tab for cardless cash withdrawals through the website.
- You first need to find out how much cash you are eligible to withdraw in a day. Generally, through net banking one can withdraw a minimum and maximum of Rs 500 and Rs 10,000 approximately in a single transaction. However, you can also withdraw a maximum of Rs 20,000 on a particular day, from an SBI ATM through the YONO website.
- Now click on ‘Request YONO Cash’, wherein you can also view the balance amount in your savings account.
- Now enter the amount you want to withdraw from the ATM,
- Enter the 6-digit YONO cash pin for the transaction (which you have to create on the website) and initiate the cash withdrawal process
- Now you will receive a 6-digit reference number on your registered mobile through an SMS, which you need to enter at the nearest YONO cash point within the time limit of 30 minutes to withdrawal your cash.