Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, “The cardless cash withdrawal facility is simple, secure and convenient to use and frees customers from having to carry their debit cards with them all the time. Further, in a country as diverse as India, cash continues to play an important role and this facility will enable our customers to seamlessly remit cash to their friends, family and other beneficiaries.”
Read on to find out who Kotak account holders can withdraw cash at ATMs without using debit cards.
How to use
According to a Kotak Mahindra Bank press release, using their registered mobile number with the bank, Kotak customers can initiate the transaction through the Kotak Net Banking or mobile banking platforms. “The beneficiary need not be a Kotak customer and need not even have an account with any bank. The cash can be withdrawn by the beneficiary from any Kotak ATM in India,” it stated.
According to the bank’s press release, here’s how you can use the facility:
1. Kotak account holders need to log on to Kotak Net Banking or the Mobile Banking app and register the beneficiary’s name, mobile number and address. This beneficiary registration is a onetime process only and can also include own name and details for the self-withdrawal option.
2. Once a beneficiary is successfully registered, IMT can be initiated through Net Banking or Mobile Banking by entering the amount to be remitted and setting a sender’s code.
3. After IMT is created successfully, the beneficiary can withdraw cash from any Kotak ATM in India by selecting the option of cardless cash withdrawal (IMT) on the ATM screen. The beneficiary will be able to withdraw money by entering his/her mobile number, sender and SMS codes and the exact cash amount.
SBI’s cardless cash withdrawal facility
Earlier on in the year, the State Bank of India (SBI) introduced the facility of cardless cash withdrawal not only through the SBI YONO app but also from its SBI YONO website. The ATMs which will provide you with this facility will be termed as YONO cash points. Although you do not need a smartphone or even the YONO app, you need to have an active SBI Net banking account to make such transactions possible.
Click here to find out how you can use SBI’s cardless facility.