How is AEPS cash withdrawal done?
AEPS (Aadhaar Enabled Payment System) is a digital payment system that allows individuals to perform transactions using their Aadhaar number and biometric authentication. One of the key features of AEPS is cash withdrawal, which allows users to withdraw cash from their bank account without using a physical ATM card. In this article, we will discuss the process of AEPS cash withdrawal and its benefits.
The Process of AEPS Cash Withdrawal
To perform an AEPS cash withdrawal, the user must have their Aadhaar number linked to their bank account. They must also have their biometric data (fingerprint or iris scan) registered with UIDAI (Unique Identification Authority of India).
Here are the steps involved in the process of AEPS cash withdrawal:
- Visit a nearby bank or business correspondent (BC) that offers AEPS cash withdrawal services.
- Provide your Aadhaar number and the bank name to the BC.
- Authenticate yourself using biometric data (fingerprint or iris scan).
- Enter the amount you wish to withdraw.
- The BC will initiate the transaction, and the amount will be debited from your bank account and credited to the BC’s account.
- The BC will then give you the cash withdrawal amount.
Benefits of AEPS Cash Withdrawal
- Convenience: AEPS cash withdrawal provides a convenient way to withdraw cash without using a physical ATM card. This is particularly useful for individuals who may have lost their ATM card or do not have access to a physical ATM.
- Accessibility: AEPS cash withdrawal services are available in remote areas where traditional banking services may not be available.
- Security: Biometric authentication adds an extra layer of security to the transaction, making it more secure than traditional ATM transactions.
- Low Transaction Fees: AEPS cash withdrawal fees are typically lower than traditional ATM transaction fees, making it an affordable option for individuals.
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Conclusion
AEPS cash withdrawal is a convenient and secure way to withdraw cash from a bank account without using a physical ATM card. With the increasing use of digital payments in India, AEPS cash withdrawal is becoming a popular option for individuals who value convenience, accessibility, and security. To perform an AEPS cash withdrawal, individuals must have their Aadhaar number linked to their bank account and their biometric data registered with UIDAI. Overall, AEPS cash withdrawal is a valuable tool for individuals who want to access their bank account without the need for a physical ATM card.
FAQs – Freuenntly Asked Questions
Q: What is AEPS?
A: AEPS stands for Aadhaar Enabled Payment System. It is a digital payment system that allows individuals to perform transactions using their Aadhaar number and biometric authentication.
Q: How does AEPS cash withdrawal work?
A: To perform AEPS cash withdrawal, individuals must have their Aadhaar number linked to their bank account and their biometric data registered with UIDAI. They can visit a nearby bank or business correspondent that offers AEPS cash withdrawal services, provide their Aadhaar number and bank name, authenticate themselves using biometric data, and enter the amount they wish to withdraw. The BC will initiate the transaction, and the amount will be debited from the individual’s bank account and credited to the BC’s account. The BC will then give the individual the cash withdrawal amount.
Q: What are the benefits of AEPS cash withdrawal?
A: The benefits of AEPS cash withdrawal include convenience, accessibility, security, and low transaction fees.
Q: Is biometric authentication necessary for AEPS cash withdrawal?
A: Yes, biometric authentication (fingerprint or iris scan) is necessary for AEPS cash withdrawal.
Q: Is Aadhaar linking mandatory for AEPS cash withdrawal?
A: Yes, individuals must have their Aadhaar number linked to their bank account to perform AEPS cash withdrawal.
Q: What is a business correspondent (BC)?
A: A business correspondent is an agent of a bank who offers banking services on behalf of the bank.
Q: Are AEPS cash withdrawal services available in remote areas?
A: Yes, AEPS cash withdrawal services are available in remote areas where traditional banking services may not be available.
Q: Are AEPS cash withdrawal fees lower than traditional ATM transaction fees?
A: Yes, AEPS cash withdrawal fees are typically lower than traditional ATM transaction fees.