The ICICI bank has come up with a very novel idea in terms of cash withdrawal from the ATMs. Gone are the days when you would insert your card to successfully initiate a cash withdrawal from the ATMs. Under the recently launched ‘Cardless Cash Withdrawal’ service, a cash withdrawal could be completed even without the card. In order to avail this service, the sender needs to have a bank account which is enabled for internet banking. The beneficiary however, does not need to have a bank account to withdraw cash under the scheme.
How it works
In order to avail this facility, the sender needs to have an ICICI bank account which is enabled for internet banking. The sender needs to login to the website of ICICI at www.icicibank.com and login to their internet bank account. Now, they have to add the beneficiary (the person who will withdraw cash). For this, they need to go to option ‘Manage Payee’ and then select ‘Add Cardless Cash Withdrawal Payee’. After this, you would be asked to enter the name, mobile number and the address of the beneficiary. Confirm the beneficiary by providing the Unique Registration Number which you will receive on your mobile number via sms. Now the beneficiary has been added. After this go to option ‘Transfers’ and then select ‘Cardless Cash Withdrawal beneficiary’ from the list of registered beneficiaries followed by which you would be asked to select an account from which you want to make your payment with. Enter the ‘amount’ you wish to transfer from your account would be debited by the same amount.
After you complete the process of registering the beneficiary and then confirming the amount you wish to transfer, you would receive a 4 digit code on your registered mobile number. Share this code with the beneficiary. After this, the beneficiary would also receive a 6 digit code on his mobile phone which you had earlier registered along with the details of the payee.
After this, the beneficiary has been enabled to withdraw cash from a specified ICICI ATM. He would then have to visit the specified ATM where he would be prompted to feed his mobile number, the 4 digit code received by the sender, the 6 digit code received by him and finally the amount to be withdrawn in INR. After the ATM machine successfully verifies the details entered, the amount would be dispensed which can be collected by the beneficiary. However, the beneficiary would have to be careful while entering the details as even a single wrong detail entered would result in the transaction being blocked and the amount would be transferred back to the Sender’s bank account.
This ‘Cardless Cash Withdrawal’ facility launched by ICICI bank is quite unique, the main feature being that the beneficiary could withdraw cash even if he does not have a bank account and this would help baking reach out to much more people in India.