In today’s world, technology has made banking more accessible and convenient. Gone are the days when you had to wait in long queues at the bank just to make a simple transaction. A groundbreaking service offered by the State Bank of India (SBI) is the YONO Cash service. This service enables you to take out cash from ATMs without needing a debit card. But what is its functioning, and how can you utilize it? In this article, we will explore the SBI YONO Cash service in detail and provide a step-by-step guide on how to use it for withdrawing money.
What is SBI YONO Cash?
SBI YONO Cash is a feature offered by the State Bank of India that enables its customers to withdraw cash from ATMs without the need for a debit or ATM card. All you need is your YONO SBI app and a few simple steps to access your money, which is both secure and convenient.
How Does YONO Cash Work?
YONO Cash works by using a unique OTP (One-Time Password) and QR code generated via the YONO SBI app. When you request a cash withdrawal through the app, a one-time password is sent to your registered mobile number. This password, along with the QR code, is used to authorize the transaction at an SBI ATM, ensuring complete security.
Why is YONO Cash Service So Popular?
- Cardless Transactions: The biggest advantage of YONO Cash is that you don’t need an ATM or debit card to withdraw money.
- Convenience: You can easily withdraw cash from any SBI ATM across India, even if you forget your ATM card at home.
- Security: The OTP and QR code used for withdrawal are valid only for a limited time, preventing unauthorized access.
- Quick Access: It’s a fast way to access cash without any hassle.
How to Withdraw Money Using YONO Cash: A Step-by-Step Guide
Withdrawing cash using YONO Cash is simple and can be done in just a few steps. Here’s how you can do it:
Step 1: Install the YONO SBI App
If you haven’t already, download the YONO SBI app from the Google Play Store or Apple App Store. Once downloaded, install it on your phone and log in using your credentials. If you don’t have an account, you can easily create one.
Step 2: Enable YONO Cash Service
Before you start using YONO Cash, ensure that your bank account is linked to the YONO SBI app and that your mobile number is registered with your SBI account. You can enable the YONO Cash service in the app settings.
Step 3: Generate a YONO Cash Code
Once the service is enabled, open the app and go to the YONO Cash section. Select ‘Withdraw Cash’ from the options. Enter the amount you want to withdraw, and the app will generate a QR code and an OTP (One-Time Password) for the transaction. These details will be displayed on your phone screen.
Step 4: Visit an SBI ATM
Next, visit any SBI ATM that supports YONO Cash (most SBI ATMs across India are equipped for this). Look for the ‘YONO Cash’ option on the ATM screen.
Step 5: Scan the QR Code or Enter OTP
At the ATM, you’ll either have to scan the QR code displayed on your phone using the ATM scanner or enter the OTP manually. After doing so, the ATM will process your request and dispense the amount you selected on the app.
Step 6: Collect Your Cash
Finally, the ATM will dispense the cash, and you can simply collect your money. No debit card is needed for this transaction.
What are the Benefits of YONO Cash?
- No Card Required: One of the most significant benefits is that you can withdraw money without carrying your debit card.
- 24/7 Availability: You can access your funds at any time, even if it’s late at night, as long as you have access to an SBI ATM.
- Easy & Quick: The whole process is quick and easy, with no need to wait for long queues at the ATM.
- No ATM Fees: There are no additional charges for withdrawing money via YONO Cash from an SBI ATM.
What are the Limitations of YONO Cash?
While YONO Cash is a revolutionary service, it does have some limitations to be aware of:
- Limited to SBI ATMs: You can only use this service at SBI ATMs. If you’re looking to withdraw cash from another bank’s ATM, you’ll have to use your debit card.
- Transaction Limit: There is a withdrawal limit for YONO Cash. Typically, you can withdraw a maximum of ₹10,000 per day, although this limit may vary based on bank policies or your account type.
- Time Constraints: The OTP and QR code are valid only for a short period (usually around 30 minutes), so you must act quickly.
How to Ensure Your YONO Cash Transactions are Secure?
Security is a primary concern when it comes to online banking and cardless transactions. Here are some tips to ensure your YONO Cash transactions remain secure:
- Enable Two-Factor Authentication: Make sure two-factor authentication is enabled on your YONO SBI app for added security.
- Keep Your Phone Secure: Since your phone is used to generate the OTP and QR code, ensure that your phone is protected with a passcode, fingerprint, or face recognition.
- Do Not Share Your OTP: Never share your OTP with anyone. It’s a one-time password that only you should use.
- Monitor Your Transactions: Regularly check your bank account and transaction history for any suspicious activity.
Common Problems You May Encounter and How to Fix Them
While YONO Cash is a user-friendly service, there may be times when you encounter some problems. Here are a few common issues and solutions:
Problem 1: OTP Not Received
If you’re not receiving the OTP, ensure that your phone is connected to the internet and that your mobile number is registered with the bank.
Problem 2: QR Code Not Scanning
Make sure your phone’s screen is not too dim, and the QR code is clear. Try adjusting the screen brightness.
Problem 3: Cash Not Dispensed
If the ATM does not dispense cash, contact SBI customer support immediately to report the issue.
Problem 4: Withdrawal Limit Exceeded
If you hit the withdrawal limit, try again the next day or visit the bank for assistance if you need a higher limit.
Conclusion
SBI’s YONO Cash service has made it easier than ever to access your cash without the need for an ATM card. Whether you forget your card at home or simply prefer a more convenient way to withdraw cash, YONO Cash has got you covered. By following the simple steps outlined above, you can access your funds anytime, anywhere, securely and quickly.
With its seamless experience, this cardless withdrawal system is changing the way people interact with their bank accounts. So, the next time you find yourself needing cash, don’t forget about YONO Cash!
FAQs
1. What is YONO Cash?
YONO Cash is a feature by SBI that allows cardless cash withdrawals from SBI ATMs using the YONO SBI app.
2. How do I use YONO Cash?
Simply generate a QR code or OTP on the YONO SBI app, visit an SBI ATM, and scan the code or enter the OTP to withdraw cash.
3. What is the maximum amount I can withdraw using YONO Cash?
The maximum withdrawal limit is ₹10,000 per day, although it may vary depending on your account.
4. Do I need an ATM card to use YONO Cash?
No, you don’t need an ATM card for YONO Cash transactions. You can withdraw money directly through the YONO SBI app.
5. Is YONO Cash safe to use?
Yes, YONO Cash is safe. The OTP and QR code ensure that only you can access your money during the transaction.
6. Can I use YONO Cash at any ATM?
No, YONO Cash can only be used at SBI ATMs that support the service.
7. Can I withdraw money from an ATM of another bank using YONO Cash?
No, YONO Cash can only be used at SBI ATMs.
8. What should I do if I don’t receive the OTP for YONO Cash?
Check your internet connection and ensure your mobile number is registered with the bank. If the issue persists, contact customer support.
9. How long is the OTP valid for?
The OTP is valid for a short period, typically around 30 minutes.
10. Can I withdraw money without an internet connection?
No, an internet connection is required to generate the OTP or QR code.