Cardless cash withdrawal: Not just SBI, ICICI Bank also provides such facility, but there is a difference

Cardless cash withdrawal: The State Bank of India (SBI), recently introduced a service to withdraw cash via SBI YONO app without using a debit card cum ATM card. But interestingly SBI is not the only lender that offers such a facility. In fact, ICICI Bank's customers can also make cardless cash withdrawals. However, cardless withdrawals for ICICI Bank customer is slightly different in a manner.  If you are an ICICI Bank customer, you can transfer funds to a person who can make the cardless withdrawal of the amount for an ATM of the bank. 

Here is the step-by-step guide on how you can withdraw cash without a debit card through ATM by using Net banking facility of ICICI Bank. 

Step 1: First you need to login to the ICICI Bank Net banking portal using your user ID and password and initiate a cardless cash withdrawal transaction. 

Step 2: Now after you have logged into your Net banking account, go to your savings account and add names, mobile numbers of the person(s) you may want to transfer money to via this cardless cash withdrawal service. These persons are referred to as 'beneficiaries' of the transfer on your net banking.  

Step 3: Now after adding a beneficiary account, click on the 'Fund Transfers' tab and select the name of the beneficiary under the 'Cardless Cash Withdrawal' option. Now, enter the amount you want to transfer to that account or person. Once the authentication is successfully done, the amount will be debited from your bank account.  

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Step 4: Now you will receive an SMS with a unique 4-digit code on your registered mobile number and at the same time, the beneficiary will also receive an SMS with a unique 6-digit code on their mobile phone from ICICI Bank. In order to complete the process, you need to share your 4-digit code with the beneficiary. It is important to note that the transaction and SMS code will be valid until midnight of the next day to complete the transaction. 

Step5: Finally, the person to whom money is paid (beneficiary) would be able to get the cash from ATM after entering the same 4-digit and 6-digit verification codes (received via SMS) to ATM. After that, the person can get the total amount from the nearest ATM in the form of cash in hand.