In May 2022, the Reserve Bank of India (RBI) has asked all banks to provide customers with the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs.
This means customers of other participating issuing banks who use BHIM UPI, bob World UPI, or any other ICCW-enabled UPI application on their mobile phone can now withdraw cash from a Bank of Baroda ATM without using their Debit Card, according to a Bank of Baroda press release.
How it works
Step 1: Visit Bank of Baroda ATM
Step 2: Select the option ‘UPI Cash Withdrawal’
Step 3: Enter the withdrawal amount, post which a QR code is displayed on the ATM screen.
Step 4: Scan the QR code using a UPI app enabled for ICCW
Step 5: Authorise the transaction with her/his UPI PIN on the mobile phone to withdraw the cash from the ATM.
If multiple bank accounts are linked to a single UPI ID, ICCW functionality gives customers the option to select the account to be debited. Benefits of the ICCW facility
According to the Bank of Baroda press release, “Some of the major benefits of the ICCW facility are that skimming, cloning and other card-related frauds can be eliminated. It also generates a single use (signed) dynamic QR code for every transaction for risk mitigation. Further, customers need not carry multiple cards to withdraw cash from different accounts as ICCW allows cash withdrawals from multiple accounts linked to UPI. Customers whose KYC has been completed and who have not been issued a physical card as yet can avail of this service.”
Limit
Customers can avail two transactions a day per account with a withdrawal limit of Rs. 5000/- per transaction.
UPI-ATM (Interoperable Card-less Cash Withdrawal – ICCW)
According to the NPCI, “This service shall facilitate participating banks’ customers who are live on UPI, to withdraw cash from any participating banks’ ATMs (enabled for UPI-ATM – ICCW)) without using their card.”
Some of the main features of the UPI-ATM (ICCW) service are as follows:
- Interoperable.
- Card-less Transaction.
- Transaction limit is up to ?10,000/- per transaction. It shall be part of the existing UPI per day limit and as per the limits set by Issuer Bank for ICCW transactions.
- Convenience i.e. no need to carry card for ATM cash withdrawal.
- Can withdraw cash from multiple accounts using UPI APP.