Cardless Cash Withdrawal
09 Feb 2022

Know All About Cardless Cash Withdrawal | DBS Bank

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Ways to withdraw cash without an ATM or Debit Card

Key Takeaways

  • Cashless Card Withdrawal enables you to withdraw money without ATM-cum-debit cards.
  • You can use net banking for cashless withdrawals at ATMs.
  • You can also allow beneficiaries to withdraw cash with cardless withdrawals.
  • You must use the tentative OTP or PIN to withdraw money from ATMs.
  • Some banks let you withdraw money at affiliated local stores.

Most banking transactions in the modern era have become cashless as banks are ushering into the digital age. Today, you can use debit cards and credit cards to access funds in your account. Banks also permit cardless cash withdrawals at ATMs. This article explains cardless cash withdrawals and the process to go about it. Read on to know more.

Cardless Withdrawals at ATM

Cardless cash withdrawals without ATM Debit cards allow you to access funds in your account if you do not have your ATM card handy. As long as you have activated internet banking and downloaded the bank’s mobile banking app of your bank on your smartphone, you can withdraw cash from ATMs without the card.

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How To Withdraw Money from ATM Without Card

Following are the standard steps on how to withdraw money from ATM without card.

  1. Log into your bank’s internet or mobile banking
  2. Select the option of cash withdrawal at the ATM.
  3. Enter the amount you wish to withdraw and continue.
  4. You will receive a one-time password or a transaction ID on your registered mobile number.
  5. Visit your nearest bank ATM and select the cardless cash withdrawal option on the ATM screen.
  6. Select your mobile number and enter the OTP or the transaction ID received on the registered mobile number.
  7. Enter the amount and withdraw the cash.

Cardless Cash Withdrawal by Beneficiaries

You can also provide access to beneficiaries to withdraw funds. Below are the steps:

  1. Log in to your net banking account and set up the fund transfer request.
  2. Add the beneficiary details and go to cardless cash withdrawal.
  3. Reconfirm the details by entering the OTP sent on your RMN and wait for the beneficiary details to be activated.
  4. The beneficiary receives an OTP and order ID via SMS ID on their RMN
  5. The beneficiary can now visit an ATM, select the cardless cash option and enter the OTP, order ID and their mobile number, along with the cash withdrawal amount.
  6. The ATM validates these details and disburses the cash.

Cardless Withdrawal at Local Stores

Some banks let you withdraw cash at local stores too. Here are the steps:

  1. Log in to net banking and select cardless cash withdrawal at a local shop.
  2. Enter the amount and generate a temporary PIN.
  3. Enable your mobile GPS, and the bank will show you the affiliated merchant stores.
  4. Select your preferred store, and you will receive a unique identifier on the RMN.
  5. Visit the merchant store and provide the PIN and other details.
  6. The merchant will validate your transaction and dispense the withdrawal amount.

How To Withdraw Cash Using UPI?

As per the latest Reserve Bank of India (RBI) guidelines, you can withdraw money from an ATM using your UPI ID as well. Here’s how it works:

Option 1: Using QR Code

Your banking app or other digital payments apps that are integrated with UPI, give you the option to withdraw cash by scanning a QR code.
  1. Select the ‘QR Cash’ or another similar option on the ATM Screen.
  2. Select the amount you wish to withdraw.
  3. Scan the displayed QR code using a UPI app.
  4. Approve the transaction by entering the PIN.
  5. After successful authentication, the ATM will dispense the cash.

Option 2: Using UPI ID

If the bank permits, you may be able to withdraw cash from ATMs by typing in your UPI ID as well. Below are the steps.
  1. Select the relevant cardless cash withdrawal option.
  2. Enter the withdrawal amount and the UPI ID.
  3. You will receive an intimation on your UPI app to authenticate the transaction.
  4. The ATM shall dispense the cash after successful authentication.

Final Note

Cardless cash withdrawal is a unique facility that allows you to access cash without bank cards. It also enables you to ensure that your intended beneficiaries can receive funds quickly. You can visit your nearest ATM or designated grocery store to get the cash speedily.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.