In first of its kinds, the citizens of the country will now enjoy cardless withdrawal from an ATM machine, thereby eliminating the use of debit cards. This facility has been introduced by the nations largest lender, State Bank of India on March 15. The account holder has to activate internet banking.
What is YONO app?
SBI introduced Yono Cash facility to eliminate the risk of skimming and cloning of debit cards. The bank has launched YONO app that will help people withdraw money from around 16,500 of its ATMs termed as ‘YONO Cash Points’.
Rajinish Kumar, SBI Chairman while launching the app, said, “YONO Cash is yet another step by the bank towards our goal of maximising convenience and enhancing banking experience for our customers,” reported The New Indian Express.
The SBI in its official release said that now customers can have the cash withdrawal process on the YONO app and set a six-digit YONO Cash pin for the transaction on their registered mobile number via SMS. The cash withdrawal has to be finished within 30 minutes of the cash pin generated. Maximum of Rs 10,000 per transaction is allowed. Except downloading YONO app on your smartphone, an account holder can also visit YONO website.
How to use this service
- One has to activate internet banking on his/her SBI account first, and the account has to be registered to a phone number
- After downloading the YONO SBI app on the phone, one has login with internet banking details
- One has to request for cash withdrawal in the app
- One will receive a 6-digit code for registering the cash withdrawal
- One has to enter this 6-digit code on the ATM to withdraw cash
- As of now only two withdrawals per day is allowed using the YONO SBI app