Now, withdraw cash from ICICI Bank ATMs without a card

[P.J.]

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Now, withdraw cash from ICICI Bank ATMs without a card


MUMBAI: ICICI Bank has introduced a cardless cash withdrawal facility which allows customers to transfer money from their account to anyone in India with a mobile number.

The recipient, even if he does not have a bank account, can withdraw money round the clock without using a debit card from over 10,000 ATMs of ICICI Bank.

"We foresee tremendous growth potential in the use of electronic payments in our country. 'Cardless Cash Withdrawal' provides an added facility in an array of electronic payment options that ICICI Bank offers to its customers."

At present, electronic remittances are possible for only those with a bank account. Beneficiaries without a bank account can receive cash only through money order which is an expensive and time consuming process for remittances.

The 'Cardless Cash Withdrawal' facility can be initiated by any ICICI Bank savings account customer (sender) by logging into internet banking.


The sender first needs to register the recipient's name, mobile number and address. The sender will get a four-digit verification code while the recipient a six digit reference code, over SMS.

The recipient can withdraw cash from almost all ICICI Bank ATMs by entering the mobile number, cash amount along with the verification and reference code, within two days of the transaction.

This service can also be used by the Bank's account holders to withdraw cash from their own accounts without using a debit card.

Read more

Now, withdraw cash from ICICI Bank ATMs without a card - The Times of India

 

[vgane]

Great innovation in Banking! Way to go!!

 

[krish44]

before more innovations come would like to close my account with the bank

the insecurities which accompany ease of taking out money are not good for senior citizens with meagre savings

I will tell you a real story on forged signatures on cheques

one gentleman who was hony. treasurer in Thrift and Credit society in his office used to trust his wife for withdrawl with cheque from Tand C society funds from bank

when he was in a hurry she also used to put her husbands signature on his instructions as she was a good forger of his signature.

He boasted about his wifes capability in office

one colleague who heard it , took one blank cheque from the treasurers cheque book withdrew also some amount from the society account forging his signature.

poor fellow . He could not complain to police as he feared that his wife could also get caught

Moral of the story - Do not boast if you do unlawful acts.lol

 

[sarang]

Post office has similar facility - to send money through mobile. Sender deposits the money in a postoffice and gives the mobile number of the receiver. He is given a number one time password to be sent to the receiver. The post office sends an sms to the receiver; he has to approach the designated post office show the message and tell the number password to collect the cash. Especially useful for sending money to rural towns and villages, better than a money order.