Now, withdraw cash from SBI ATMs without card
What's the story
ATM transaction without an ATM card- sounds unreal, right? Well, turns out that State Bank of India (SBI) has come up with a similar plan. The largest bank in the country now allows its customers to withdraw cash from its ATMs without their cards. The service is being offered through its Internet banking app called YONO. Here's all you need to know about it.
Information
About the YONO app
YONO (short for You Only Need One) is SBI's official Internet banking app. The app is available for download on Android as well as iOS platforms. With the launch of the new service, SBI has become the first Indian bank to allow cardless ATM transactions.
Procedure
How to withdraw cash from SBI ATMs using Yono app
To start using the service, firstly download the Yono SBI mobile app on your smartphone. Log in to your Internet banking account using the app. Place a cash withdrawal request in the app. Correspondingly, a 6-digit code will be sent on your registered mobile number. Use this code at the ATM machine to make the withdrawal. Finally, a cash-withdrawal SMS alert will be sent to you.
FYI
Key things to know about the service
One must have Internet banking activated on their SBI bank account in order to use the service. The 6-digit code used for transaction is valid for only 30 minutes. The service is available only at SBI ATM outlets and Yono cash points. A maximum of two withdrawals in a day, with an upper-limit of Rs. 10,000 per transaction, is allowed using the Yono app.
Information
Benefits of cardless ATM transactions
The cardless ATM service from SBI can help address the rising issue of bank frauds due to theft or loss of ATM cards. In addition, the new service is expected to curb ATM card skimming/cloning frauds.
Features
Yono app is the one-stop online-banking solution for SBI accountholders
Using the app, one can check their balance, create a fixed-deposit, add a beneficiary etc. The app also offers a personalized and comprehensive overview of the user's expenditure. You can also request cheque books, ATM/Debit cards, or change ATM pin using the app. Emergency services such as blocking of lost/stolen card, and cheque termination are also available. Further, SBI users can enjoy exclusive discount-offers.