The State Bank of India (SBI), India’s largest bank, has recently launched YONO Cash. YONO (You Only Need One), the digital banking app of the bank, was introduced as a one-stop solution for banking, investment, insurance, and lifestyle needs. A number of things can be done through this app, including opening a savings account instantly, applying for loans, and shopping online.
With the launch of YONO cash, customers will now be able to withdraw money from ATMs without using a card. Hence, users can now withdraw cash without a physical debit card. Experts say this move will also eliminating the possible associated risks of using debit cards at ATMs for cash withdrawals. SBI said, transactions using YONO will be two-factor authentication, which will make it more secure and also eliminate the risk of skimming and cloning.
If you are also planning to use YONO Cash, here are the 5 things you must know about SBI’s latest initiative:
1. If you are an SBI customer and want to withdraw cash from an ATM, you can now do so through the YONO app. You need to set a six-digit pin for the transaction. Via SMS on your registered mobile number, you will receive a six-digit reference number for the transaction. Using both the PIN and the reference number, the cash withdrawal needs to be done within the next 30 minutes at an ATM.
2. At a time the maximum withdrawal limit on YONO cash transactions has been set at Rs 10,000. As a YONO customer, you can make only two such transactions in a day.
3. This service to withdraw YONO cash can be used by a customer only on one device.
4. As of now, the service is limited to debit card customers only.
5. The bank is soon to integrate both SBI YONO application and SBI Anywhere application with 7 million users and 10 million-plus users, respectively, and make it a consolidated platform. The consolidated platform will be for all its payment solutions including the bank’s IMPS and UPI based payment channels.