New Delhi: If you need cash urgently but you forget to take your ATM card. There is an option to withdraw cash from ATM without the need of card. Unified Payments Interface (UPI) can help you withdraw cash from ATMs. The feature termed as the Interoperable cardless cash withdrawal (ICCW) allows people to withdraw money from ATMs even if they do not have the cards.
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The Reserve Bank of India (RBI) has also encouraged banks to make the ICCW option available for ATMs in order to prevent card fraud such as cloning, skimming, etc. The cardless cash withdrawal option is available at ATMs operated by the State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, and others. UPI cash withdrawal is available through any UPI payment service provider app, such as GooglePay, PhonePe, Paytm, and other UPI apps.
However, there is a catch. You can withdraw up to Rs 5,000.
Here’s a Step-by-Step guide to withdraw cash using UPI from ATMs:
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Step 1: Once you are before any ATM machine, you have to find and select the ‘Withdraw Cash’ option available on the screen.
Step 2: Next, select the UPI option.
Step 3: Then you need to scan a Quick response (QR) that will appear on the ATM screen.
Step 4: Enter the amount of money you want to withdraw. As mentioned earlier, you can withdraw up to Rs 5,000 at one time.
Step 5: Enter your UPI Pin and click on the ‘Hit Proceed’ button. The cash will be withdrawn.
Banks will not charge an additional fee for cardless cash withdrawals from ATMs via UPI. As per the Reserve Bank of India (RBI), “The on-us/off-us ICCW transactions shall be processed without a levy of charges other than those prescribed (on Interchange Fee and Customer Charges).”
