How to withdraw cash from ATM using UPI, know details

Withdraw cash using UPI: If you wish to withdraw cash from ATM without using a debit or credit card, now it is possible for you to do so. Unified Payments Interface (UPI) has got you covered. Now you can withdraw cash form ATM using UPI ID which has already made our lives way easier.

Also the National Payments Corporation of India (NPIC) implements UPI, allowing users to withdraw cash from ATMs through UPI. The Interoperable Cardless Cash Withdrawal (ICCW) feature allows people to withdraw money from ATMs even when they do not have a card.

Withdraw cash using UPI

The Reserve Bank of India (RBI) has also asked banks to provide ICCW alternatives to ATMs to prevent card frauds like cloning, skimming and device tampering. Cardless cash withdrawal at ATM option is available at ATMs operated by State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank and other certain banks as well.

UPI cash withdrawal is available through any UPI payment service provider app, such as GooglePay, PhonePe, Paytm. How does the entire process work?

How to withdraw cash from ATM using UPI

Visit any ATM machine.
You need to find and select the ‘Withdraw Cash’ option available on the screen.
Next, select the UPI option.
A Quick Response (QR Code) will appear on the ATM screen.
Now open the UPI application on your smartphone.
Scan the QR code available on the screen of ATM machines.
Enter the amount you want to withdraw. You can withdraw cash up to Rs.5,000.
Enter your UPI PIN and click on ‘Hit Proceed’ button.
Now you can withdraw money from ATM machine.
Notably, banks will not charge extra for cardless cash withdrawal from ATMs through UPI. According to the Reserve Bank of India (RBI), “On-Us/Off-US ICCW transactions will be processed without charges other than the prescribed fees (on interchange fee and customer charges).”

Meanwhile, the charges/fees for using ATMs from any other bank using UPI will remain the same as the charges for existing card withdrawals. Customers are allowed five free transactions per month at ATMs of their respective banks and three free withdrawals at ATMs of other banks. They will then be charged Rs 21 for each transaction.

The post How to withdraw cash from ATM using UPI, know details appeared first on News24 English.

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