Have you ever found yourself in an unexpected financial situation, urgently in need of cash, but realizing you don’t have your ATM card with you? The convenience of withdrawing cash from ATMs can be a real lifesaver, particularly in areas where online payments and UPI transactions may not be readily available. However, carrying a debit card comes with its own set of risks. It can be susceptible to unauthorised contactless payments without the need for a PIN, and unscrupulous individuals can potentially deceive account holders when using unauthorised ATMs. But now you can withdraw cash from ATMs using UPI.
To bolster security and safeguard the interests of account holders, there exists a solution that allows you to access your funds without relying on your debit card: UPI-ATM ICCW. This innovative approach not only ensures a safer and more convenient cash withdrawal experience but also mitigates the risks associated with conventional debit card usage. In this blog, we will delve into how to withdraw cash from ATMs using UPI.
ICCW, an acronym for Interoperable Card-less Cash Withdrawal, is a highly convenient service designed to empower account holders with the ability to withdraw funds from their accounts without the requirement of a debit or credit card. This user-friendly feature streamlines the process by allowing cardholders to initiate cardless cash withdrawal requests directly through their mobile banking applications.
Customers now have the option to withdraw cash from ATMs using UPI, which enhanced the additional layers of security to the cash withdrawal process. This innovative service significantly enhances the safety of ATM transactions.
To access and benefit from these services, customers simply need to have a UPI-enabled mobile banking app or their preferred UPI app.
Features of the UPI-ATM (ICCW) Service
The UPI-ATM (Interoperable Card-less Cash Withdrawal) service has various features for withdrawing cash from ATMs. However, some of the features of this service are mentioned below:
1. Seamless card-less transaction
This service enables effortless card-less transactions by leveraging digital technology, effectively eliminating the necessity for physical debit or credit cards. Users can smoothly carry out financial transactions through compatible mobile banking apps or UPI apps, streamlining the process significantly.
By accessing the ATM network via their preferred app, selecting the desired transaction, and following the provided instructions, individuals can execute transactions without the traditional requirements of card insertion and PIN entry. This innovative approach substantially enhances overall convenience, efficiency, and accessibility.
2. No need to carry ATM
In a noteworthy departure from traditional practices, individuals are no longer obligated to carry their debit or credit cards when they intend to withdraw cash from ATMs. This forward-thinking approach harnesses the capabilities of digital technology to completely eliminate the reliance on physical cards. Instead, users can confidently depend on their mobile banking apps or UPI apps to smoothly initiate and complete ATM cash withdrawals.
By utilizing these apps, individuals gain access to the ATM network, select their desired transaction, and effortlessly follow the provided instructions, all without the necessity of physically presenting a card or entering a PIN.
3. Withdraw from multiple accounts
This service empowers users with the flexibility to easily withdraw cash from multiple accounts using a UPI app. Unlike the restrictions of a single account, individuals can seamlessly connect and access numerous bank accounts within their UPI app interface. When initiating a cash withdrawal, users are presented with a straightforward option to choose the specific account from which they intend to withdraw funds.
This streamlined and efficient approach simplifies the management of various financial sources, all from within a single application. This feature is especially beneficial for individuals with multiple accounts across different banks, offering them a unified platform for effortless access and utilization of their funds, enhancing overall convenience.
4. Transaction Limit
The transaction limit for this service is typically set at a maximum of Rs. 10,000; however, it’s essential to recognize that this limit can vary depending on the specific policies of the user’s bank. This prescribed maximum limit falls within the broader daily transfer limit governing UPI transactions, which is capped at Rs. 1 lakh.
Essentially, this means that individuals can withdraw cash up to the specified limit of Rs. 10,000 from an ATM using this card-less facility. These transactions are considered within the daily UPI transfer limit, ensuring a secure and adaptable method for accessing funds while following the predetermined transaction restrictions.
5. Reduce fraudulent transactions
This service employs a robust two-step verification process meticulously designed to enhance security and effectively mitigate the risk of fraudulent transactions. In this system, users typically must undergo two distinct authentication steps before finalizing a transaction.
The initial phase commonly involves confirming their identity through their UPI app, while the subsequent step may encompass actions such as inputting a one-time password (OTP) or harnessing biometric authentication methods like fingerprints or facial recognition.
How to Withdraw Cash from ATMs using UPI
The steps to withdraw cash from ATMs using UPI are mentioned below –
- When you visit an ATM, you need to choose the option of UPI cash withdrawal.
- The ATM will prompt you to input the desired withdrawal amount.
- Scan the displayed QR code on the screen using a UPI application on your mobile device.
- Authorize the transaction. UPI will be debited upon authorization.
- You will get the option to “Press here for cash”
Banks Offering UPI-ATM (ICCW) Services
The banks that are currently active on this feature to withdraw cash from ATMs using UPI are mentioned below –
- Bank of Baroda
- Canara Bank
- City Union Bank
- Ujjivan Small Finance Bank
- Central Bank of India
- YES Bank
- The Mehsana Urban Co-operative Bank
Fees and Charges
Customers enjoy the benefit of conducting a total of 5 transactions each month, which includes both financial and non-financial transactions, at ATMs affiliated with their own bank. Furthermore, they have the entitlement to execute free transactions at ATMs operated by other banks, encompassing both financial and non-financial transactions, with a limit of three transactions in metropolitan areas and five transactions in non-metropolitan areas. Should customers exceed these predefined limits, they will be subject to a charge of Rs. 20 for each additional transaction.
Additionally, the maximum amount one can withdraw cash from ATMs using UPI is one lakh every month.
The integration of UPI for cash withdrawals at ATMs has ushered in a new era marked by enhanced convenience and elevated security in the realm of financial transactions. Additionally, this forward-looking approach eliminates the need for physical debit or credit cards, granting users effortless access to their funds through mobile banking apps or UPI apps. Furthermore, it provides them with the flexibility to withdraw cash from multiple accounts, simplifying financial management.