Bank of Baroda, a prominent public lender, has recently launched the Interoperable Cardless Cash Withdrawal (ICCW) facility for its customers. This innovative service allows customers to withdraw money from ATMs using the United Payment Interface (UPI), eliminating the need for a physical card. The introduction of UPI cash withdrawal at ATMs offers a simple, convenient, and secure way for customers to access their funds. Let’s explore the details of this new facility below.
How Does UPI Cash Withdrawal Work?
Bank of Baroda’s UPI cash withdrawal facility enables customers to perform cash withdrawals without a physical card. Here are the steps involved:
Selection of ‘UPI Cash Withdrawal’ Option: Customers need to select the ‘UPI Cash Withdrawal’ option on the ATM screen after inserting their debit card.
- Amount Entry: Once the option is selected, customers can enter the desired withdrawal amount on the ATM screen.
QR Code Generation: After entering the withdrawal amount, a QR code will appear on the ATM screen.
QR Code Scanning and Authorization: Customers can use a UPI app enabled for ICCW on their mobile phones to scan the QR code. By authorizing the transaction with their UPI PIN on the mobile phone, they can initiate the cash withdrawal from the ATM.
Key Benefits of ICCW Facility:
The ICCW facility introduced by Bank of Baroda offers several advantages to customers:
- Cardless Convenience: Customers can now withdraw cash from Bank of Baroda ATMs without the need for a physical debit card. This feature provides greater convenience and flexibility for customers, eliminating the risk of losing or forgetting their cards.
- Enhanced Security: With UPI cash withdrawal, customers can ensure a secure transaction by utilizing their UPI app and PIN for authorization. This two-factor authentication adds an extra layer of security, reducing the chances of fraudulent activities.
- Multiple Account Selection: If a customer has multiple bank accounts linked to a single UPI ID, the ICCW functionality allows them to choose the specific account from which the funds should be debited.
Transaction Limits and Availability:
Bank of Baroda has set certain limits and availability guidelines for the UPI cash withdrawal facility:
Transaction Limit: Customers can avail themselves of two transactions per day, per account, with a withdrawal limit of Rs 5,000 per transaction.
Wide ATM Network: Bank of Baroda operates a vast network of over 11,000 ATMs across India, ensuring accessibility and convenience for customers across various locations.