ICICI Bank introduces ‘Cardless Cash Withdrawal’ to enhance customer experience

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Withdrawing and depositing money was once a time-consuming process. Still, now, with the developments in the banking and finance sector, one can quickly transfer or deposit money and even avail of loan facilities while sitting at home. The process is no longer strenuous. ICICI Bank has come up with a system that will help the customers withdraw and transfer money without any hassle.


Cardless Cash Withdrawal: Brought to you by ICICI bank

When many banks are providing different walls of security on their debit cards, ICICI Bank has replaced debit cards over just a single update on its app.

The bank claims that the customers can now use the iMobile app to withdraw cash safely in no time. ICICI Bank has introduced the Cardless Cash Withdrawal system, in which the ICICI Bank users can withdraw up to rupees 10,000 in one transaction, rupees 20,000 per day and 25,000 per beneficiary per month. This system will enhance the ease of doing the transaction.

Benefits of cardless cash withdrawals :

Experts say that with a substantial rise in the cases of fraud and scams, this method will be of great help in everyday sage and purchases.

  • No card or ATM PIN is required.
  • The risk of card skimming is eliminated.
  • The cardless cash withdrawal process is relatively faster when compared to using the card to withdraw money.
  • There are no charges involved.
  • Customers can withdraw up to Rs 20,000.
  • Transfer money to a beneficiary who does not have a bank account.
  • Send cash at any point in time, even during holidays.
  • Send and receive cash from anywhere in India.
  • No need to have a bank account.

How to withdraw cash using this system?

The customer has to login through the iMobile app and select the services option where they will find the ‘Cashless Card Withdrawal’ option. Then they have to enter the amount and the temporary PIN and submit the request. The application will generate a reference number which will be shared with the customer through SMS that will be sent to the registered mobile number.

Using this reference number, the customers can easily withdraw money from any ICICI Bank’s ATM. At the ATM, the customer will have to select the ‘Cashless Card Withdrawal’ option and then enter the reference number and the temporary PIN. The amount will have to be withdrawn in a one-time transaction.

The cash withdrawal request and the PIN will be valid up to next day midnight. The service, as mentioned earlier, is available across 15,000 ICICI Bank’s ATMs. The customers can visit any branch of ICICI bank’s ATM nearby and revel in the benefits of this system. 

Many more financial organisations, along with ICICI Bank, have introduced this system in the market. This system will not only make the process even more convenient but also help in saving time and effort of the customer. Now, the customer will not necessarily have to carry the cards around at all times as their mobile phone will be enough for them to get the funds as and when needed, further enhancing the comfort for the customers.

Read: South India demands gold loans despite a hike in COVID cases.