SBI's one-stop solution YONO Cash helps customers withdraw money without using debit cards

State Bank of India, the nation’s largest lender, on Friday launched cardless ATM withdrawals with its YONO (You Only Need One) Cash.

“This feature on YONO is designed to help users withdraw cash without a physical debit card. Through YONO, our endeavour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next two years,” SBI chairman Rajnish Kumar instructed reporters.

Yono Cash allow customers to entry a wide range of monetary and different companies comparable to taxi bookings, on-line buying, or medical invoice funds.

File picture of SBI chairman Rajnish Kumar. Information18

Currently, YONO is obtainable as a smartphone app for each Android and iOS.

The financial institution will allow all its 60,000 ATMs within the subsequent six months for this service, which may also be termed as YONO Cash Point.

The facility will solely be obtainable on SBI ATMs and PoS terminals. The characteristic, which is being rolled out in a phased method will likely be obtainable solely at 16,500 ATMs of the SBI.

How it really works

Customers of SBI can use the YONO app on their smartphones to withdraw money from SBI ATMs, or YONO Cash Points, with out utilizing their debit playing cards.

After putting in the YONO app on their telephones, SBI account holders must set a 6-digit YONO PIN for withdrawing money.

Once a request for withdrawing money is positioned, a 6-digit code will likely be despatched to the person’s telephone by way of SMS. The 6-digit code will then must be entered right into a YONO Cash Point.

The 6-digit code is just legitimate for a single time use. It will likely be generated each time the person makes a transaction.  Cash withdrawal should be accomplished inside half an hour after receiving by way of SMS.

Customers can withdraw as much as Rs 10,000 per transaction and make two withdrawals a day utilizing the appliance, which is over and above the boundaries on utilization of playing cards at SBI and different financial institution ATMs.

Currently, clients must pay a financial institution cost for utilization of greater than 5 ATM transactions carried out on SBI ATMs and 5 on different financial institution ATMs.

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