ICICI Bank presents ‘Cardless Cash Withdrawal’ – Withdraw cash from ATM without a card

ICICI Bank has initiated ‘Cardless Cash Withdrawal’, a facility that permits its customers to transfer money from their account to anybody in India with a mobile number. The recipient can withdraw money anytime without using a debit card from ATMs of ICICI Bank all over India. The receiver can do this even without having a bank account of any bank.
Currently, electronic remittances are probable for only those with a bank account. Beneficiaries who don’t have a bank account can receive cash only via money order which is an expensive and time consuming course for remittances.
The ‘Cardless Cash Withdrawal’ service can be started by any ICICI Bank savings account customer (sender):

• ICICI Bank savings account customer (sender) logs into the Internet banking.
• Register the recipient’s name, mobile number and address.
• The sender receives a 4-digit verification code
• The recipient receives a 6-digit reference code, over SMS on his mobile.
• The recipient can now go and withdraw cash from any ICICI Bank ATM by entering the mobile number, cash amount along with the verification and reference code, within 2 days of the transaction.

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

Month: Current Affairs - September, 2014