ATM Cash Withdrawal using UPI

 

Today I Made a Cash Withdrawal using UPI at Global FinTech Fest in Mumbai What an Innovative Feature for Bharat.

 

How to Withdraw Cash at ATM using UPI-ATM ICCW

 

 

Step 1: At the ATM, select ‘UPI cash withdrawal’ option

Step 2: ATM will ask you to enter the amount that you want to withdraw

Step 3: You will be prompted with a single-use QR code on the screen

Step 4: Scan the prompted QR code on the screen using any UPI application on your mobile

Step 5: Authorize the transaction. UPI will be debited upon authorization

Step 6: On the ATM, tap on ‘Press here for cash’

Step 7: Your cash will be dispensed

 

Important to Understand

• This will be counted as ATM Withdrawal and charges may get applied beyond allowed free usage limit

• Currently Supported on BHIM UPI App, More Apps will be Live soon

• Being Rolled out in Phases, hopefully we’ll see new UPI ATMs soon

 

🚨 ATM Cash Withdrawal using UPI

Today I Made a Cash Withdrawal using UPI at Global FinTech Fest in Mumbai

What an Innovative Feature for Bharat pic.twitter.com/hRwcD0i5lu

— Ravisutanjani (@Ravisutanjani) September 5, 2023

 

ATM Cash Withdrawal using UPI

Features of the UPI-ATM (ICCW) Service

Main features of this facility are mentioned below:

• The service allows seamless card-less transactions
• Individuals do not need to carry their debit/credit card for making cash withdrawals from ATMs
• It will allow users to withdraw cash from multiple accounts using UPI app
• Transaction limit of this facility is up to Rs. 10,000. However, it may vary from bank to bank. The limit is covered under the total transfer limit through UPI every day (Rs. 1 Lakh).
• Two-step verification is used that helps add security and reduce chances of fraudulent transactions

 

#Bharat

 

INDIA is renamed as BHARAT 🇮🇳 , What do you think?

 

Fees and Charges

Customers are allowed to carry 5 transactions (including financial and non-financial transactions) in a month from their own bank ATMs. They are also eligible to carry out free transactions from other bank ATMs (including financial and non-financial transactions) i.e. three transactions in metro centres and five transactions in non-metro centres. Thereafter, customers will be charged Rs. 20 per transaction.

 

Safe Online Shopping, Avoid Online Frauds, Axis Bank

 

Maximum Withdrawal through UPI-ATM

As per the initial arrangements, a maximum of Rs. 1 Lakh every month can be withdrawn as one can carry out a transaction only up to Rs. 1 Lakh through UPI every month. It also has an upper capping of Rs. 10,000 every day. However, if one uses the same account for other UPI transactions, the overall withdrawal limit would decrease accordingly.