Here’s Step-by-Step guide to withdraw cash from ATM using UPI

 

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.

Read More: Here’s how you can use Google Pay, PhonePe, and Paytm in your native language, follow these steps

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:

Read More: Now, use driving license to open NPS account. Here’s how to do this

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 The cash will be withdrawn.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).”

Source :
Msn

RELATED ITEMS:, , , , 

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more