This SBI facility is available for those withdrawing over Rs 10,000. It provides an extra layer of security for safer transactions.
SBI, ICICI Bank Cash Withdrawal from ATMs: Several commercial banks now allow cardless cash withdrawal and payments. This mode of transaction makes withdrawals safe for account holders by protecting them from unauthorised transactions. Here’s a look at details of the new cash withdrawal facilities offered by SBI and ICIC Bank respectively.
SBI OTP-based cardless cash withdrawal
SBI offered a New Year’s gift to customers in the form of an OTP-based cash withdrawal system from 1st January 2020 at all of its ATMs for transactions above Rs 10,000. The bank said that its customers can protect themselves from unauthorized transactions by making cardless withdrawals at all SBI ATMs from 8 PM to 8 AM.
This SBI facility is available for those withdrawing over Rs 10,000. It provides an extra layer of security for safer transactions. According to the bank, SBI customers cannot withdraw over Rs 10,000 from the bank’s ATMs without providing OTPs received on their registered mobile number along with the Debit card PIN. This facility is functional between 8 P.M. to 8 A.M.
Last year, SBI had launched YONO Cash to facilitate cardless cash withdrawal through the YONO app from 16500 SBI ATMs.
ICICI Bank Cardless Withdrawal
Early this month, ICICI Bank launched ‘Cardless Cash Withdrawal’ facility, enabling its customers to withdraw cash from over 15,000 ATMs of the bank by simply raising a request on ‘iMobile’, its mobile banking application. The bank said that the new facility is a simple and convenient way to withdraw cash without using a debit card. The ‘Cardless Cash Withdrawal’ service can be used for self-withdrawal when customers do not wish to carry the debit card. The daily transaction limit as well as per transaction limit is set at Rs. 20,000.
Talking about the facility, Anup Bagchi, Executive Director, ICICI Bank had said, “The offering of ‘Cardless Cash Withdrawal’ from iMobile enables our customers to withdraw cash securely and conveniently for everyday usage and purchases, all from the convenience of their mobile phone. We believe that this proposition of cash withdrawal from an ICICI Bank ATM without using a debit card offers a speedy and unique experience to our customers.”