India Post Payments Bank (IPPB) has started a wonderful facility. Under this, now you do not need to go to ATM for cash. This means that your cash needs will be fulfilled while sitting at home. Its name is Online Aadhaar ATM Service. What is this facility, how does it work, know the answers to all these questions here.
In today’s fast-paced world, finding time to go to a bank or ATM can be a problem. Especially when you need cash immediately. Understanding this need, India Post Payments Bank (IPPB) has started a convenient service. Its name is Online Aadhaar ATM Service. It is being given through Aadhaar Enabled Payment System (AEPS). Under this, now you can easily get cash without leaving your home. In this, the local postman delivers cash at home.
What is Aadhaar Enabled Payment System (AEPS)?
AEPS is a revolutionary payment system. This system allows you to use your Aadhaar number and biometric data to access your Aadhaar linked bank account for basic transactions. This means you can do cash withdrawals, balance enquiries, and more without physically visiting a bank branch or ATM.
What is the role of Business Correspondent in Suvidha?
Business Correspondents (BCs) act as bank agents equipped with a micro ATM to facilitate these services for any bank customer. BC Service is important in making banking accessible to all. This applies especially to remote areas.
Services provided under AEPS
AEPS platform provides different types of services. These include:
cash withdrawal
balance inquiry
mini statement
Aadhaar to Aadhaar fund transfer
What is required for AEPS functionality?
To use AEPS, customers must maintain a bank account with a participating bank. They have to ensure that their Aadhaar is linked to their bank account. Transactions can be authenticated using their biometric data.
Transaction rules and limits
If incorrect Aadhaar details are entered or wrong bank is selected, the transaction will be declined. Customers have to choose the right bank for the transaction. The amount will be debited from the primary account only. It is not necessary to carry Aadhar card. But, it is necessary to have Aadhaar-bank account link. Customers will be informed about the success of the transaction through micro ATM and SMS alert. IPPB does not charge transaction fees at the access point or for doorstep services. However, doorstep service charges apply. NPCI has set a maximum transaction limit of Rs 10,000 per AEPS transaction.
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