Are you running low on cash and unable to visit a bank or ATM? You are not alone. Extensive usage of UPI and other online transactions can leave people without cash on hand. So here's a solution: India Post Payments Bank (IPPB) offers the Aadhaar ATM (AePS) service, which allows you to withdraw cash from the convenience of your own home.
A bank user can use the AePS feature to access their Aadhaar-enabled bank account by using their Aadhaar number as an identity verification tool. This service facilitates basic banking activities such as balance inquiries, cash withdrawals, and remittances via a business correspondent.
What is AePS?
Adhil Shetty, CEO of Bankbazaar.com, characterizes AePS as a secure and simple payment system that takes advantage of the Aadhaar infrastructure. It allows users to perform a variety of financial activities, including cash withdrawals, balance inquiries, and fund transfers, all by entering their Aadhaar number and completing biometric authentication.
How does the Aadhaar ATM service (AePS) work?
Customers must meet many conditions before they can use the AEPS service. First, the customer's bank must join in AEPS. Second, the customer's Aadhaar number must be linked with their bank account. Finally, transactions are authenticated using biometric data.
Adhil Shetty describes the procedure of using the service as follows:
1. Contact a banking correspondent in your vicinity.
2. Enter your Aadhaar number into the Point of Sale (POS) system.
3. Select the transaction type and provide your bank's name.
4. Enter the amount for the transaction.
5. Verify the transaction with your biometric information (a fingerprint or an iris scan).
6. Once the transaction has been completed successfully, a receipt will be sent.
How do I use the AEPS facility from home?
If you want to use this service without leaving your house, the bank and IPPB provide a doorstep service. How to utilize it:
1. Request the transaction you require, such as a cash withdrawal, through the bank's designated channels, which may be online or by phone banking.
2. After verifying your request, the bank will handle it and ensure that the cash is delivered directly to your home.
Who will gain the most from the doorstep cash facility?
This service is especially useful for those who find it difficult to visit banks or ATMs, such as seniors, people with disabilities, and others who prefer the security and convenience of home delivery.
What services are provided through AePS?
The AePS platform provides several services, including:
1. Cash Withdrawal
2. Balance Enquiry
3. Mini Statement
4. Aadhaar to Aadhaar Fund Transfer.
What is necessary for AEPS to function?
To use AEPS, consumers must have an account with an AEPS-compliant bank and link their Aadhaar number to it. Transactions are only validated using biometric verification.
Is the service chargeable?
Customers will not pay any transactional fees when using services at any access points or through doorstep delivery. However, a fee for doorstep service may apply, depending on the bank's current rates.
Mini Statement for Aadhaar to Aadhaar Fund Transfer.
How long will the money take to be delivered?
"The delivery time for the cash varies, ranging from 24 hours to a few days, depending on the distance from the post office or bank to the customer's residence," Adhil Shetty, the bank's managing director, explains.
Is there a limit on AEPS cash withdrawal and fund transfer transactions?
The NPCI has set a restriction of Rs 10,000 for each AEPS financial transaction.
Can minors access such services?
Minors are permitted to utilize these services, however eligibility varies according on the providing bank.
