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How to Withdraw Cash from an ATM Without a Debit Card? Benefits and Limits
Posted on Monday, September 23rd, 2024 | By IndusInd Bank
Ever found yourself in need of funds but realised you forgot your debit card at home? Do not worry; the cardless cash withdrawal system is here to help. This system allows you to withdraw cash from a UPI-ATM without the requirement for a physical debit card.
Instead, you can use mobile banking apps and QR codes to authenticate your identity and complete the transaction. This offers a secure and convenient way to access funds, especially during exigencies when you may not have your debit card.
Let’s understand how you can use this method and explore the benefits and limits of this contemporary banking feature.
How to Withdraw Cash from an ATM Without a Debit Card?
Most financial institutions including IndusInd Bank, offer a cardless cash withdrawal option. This option is available regardless of whether you have an Indus Delite Savings Account, a zero-balance account, or an Indus Multiplier Max Savings Account, a smart sweep feature account.
The only thing you need after opening a savings account is to activate UPI.
Here’s how you can withdraw cash from an ATM without a debit card:
1. Visit UPI ATM and Initiate the Process
Visit any UPI ATM. Initiate the process by choosing the desired amount displayed on the screen.
Note that this UPI ATM is versatile and accommodates distinct withdrawal amounts.
2. Scan QR Code
Once you have selected the withdrawal amount, a QR code will appear on the ATM screen. This code is essential for initiating the UPI transaction. Use any UPI-enabled app like the BHIM IndusPay app by IndusInd Bank on your smartphone to scan the QR code displayed on the ATM screen.
3. Authorise Transaction
To authorise the transaction, input your UPI PIN on your phone. The ATM will process the transaction and dispense the requested amount.
In case a withdrawal fails due to any technical glitch and the amount is deducted from your savings account, inform your bank immediately. The amount will be credited to your account within a few working days.
Read More: Manage Finance with Savings Accounts: Achieving Financial Stability
What Are the Benefits and Limits of Cardless Cash Withdrawal?
1. Enhanced Security
Cardless withdrawals lower the risk of card theft and skimming as you do not require carrying your card. This adds a layer of protection to your banking transactions.
2. Convenience in Exigencies
In case you forget your wallet or lose your debit card, you can still access funds via a cardless withdrawal system. This ensures you are never stranded without money.
3. Simple To Use
With most financial institutions offering this feature via mobile apps, it is straightforward and user-friendly. All you require is a smartphone and with a few clicks, you can withdraw cash.
4. Withdrawal Limit
According to the Reserve Bank of India (RBI), every month, you can withdraw a maximum of ₹1 lakh via the UPI ATM facility. Note that the UPI ATM allows withdrawal of up to ₹10,000 per transaction, offering access to funds while maintaining security protocols.
Ending Note
Cardless cash withdrawal through UPI-ATMs offers a convenient, secure, and easy-to-use method for accessing funds without the requirement for a debit card. Simply visit a UPI ATM, scan the QR code with the UPI-enabled mobile app, and authorise with your UPI PIN. Once done, the requested cash amount will be dispensed.
IndusInd Bank’s Savings Accounts, such as the Indus Delite Savings Account and Indus Multiplier Max Savings Account, both offer this feature to withdraw cash without a debit card to ensure you never face a cash crunch, even in exigencies.
So, do not delay, to make the most of this benefit open an IndusInd Bank Savings Account today! Apply Now!
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
