UPI ATM Cash Withdrawal: A Comprehensive Guide
With the advancement of digital banking, UPI ATM cash withdrawals have become a convenient method for accessing cash without needing a card. This article explains the process, benefits, limitations, and details about UPI ATM cash withdrawal.
How to withdraw money from an ATM using UPI
Withdrawing money using UPI at ATMs is straightforward. First, ensure that your bank offers this facility. At the ATM, choose the 'UPI Cash Withdrawal' option. Open your UPI app, scan the QR code displayed on the ATM screen, and enter the desired amount. Confirm the transaction on your app and collect your cash. The process is fast, secure, and eliminates the need for carrying physical ATM cards.
How to withdraw cash from an ATM using UPI?
- Visit an ATM supporting UPI transactions.
- Select the 'UPI CASH WITHDRAWAL' option on the ATM screen.
- Open your UPI app on your smartphone.
- Scan the QR code displayed on the ATM screen.
- Enter the amount that you wish to withdraw.
- Confirm the transaction on your UPI app.
- Collect your cash from the ATM.
UPI ATM cash withdrawal limit
The withdrawal limit for UPI ATM transactions varies between banks. Generally, the daily withdrawal limit is set between ₹5,000 and ₹10,000. Some banks may impose a per transaction limit, usually capped at ₹5,000. It is advisable to check with your bank for specific limits. These limits ensure security and prevent misuse, while providing sufficient access to cash for daily needs.
UPI ATM cash withdrawal benefits
- Convenience: Withdraw cash without carrying an ATM card.
- Security: Reduces the risk of card loss or theft.
- Ease of use: Simple process using your smartphone and UPI app.
- Accessibility: Available at many ATMs across the country.
- Speed: Quick transactions, minimising time spent at the ATM.
List of banks offering UPI ATM cash withdrawal
Bank |
Withdrawal limit |
Transaction fees |
State Bank of India |
₹10,000 per day |
No charge |
ICICI Bank |
₹5,000 per transaction |
No charge |
HDFC Bank |
₹10,000 per day |
No charge |
Axis Bank |
₹10,000 per day |
No charge |
Punjab National Bank |
₹5,000 per transaction |
No charge |
UPI ATM cash withdrawal fees and charges
- No transaction fees: Most banks offer UPI ATM withdrawals without additional charges.
- Standard limits apply: Withdrawal limits are set by individual banks.
- No hidden fees: Ensure to check with your bank for any potential hidden fees.
- Interoperability: Use any bank's UPI app for withdrawals at participating ATMs.
Security features of UPI ATM cash withdrawal
UPI ATM cash withdrawal offers robust security features, ensuring safe transactions. The process requires two-factor authentication: your smartphone and the UPI app. This dual-layer protection significantly reduces the risk of fraud. Additionally, no physical card is involved, eliminating the threat of card skimming or cloning. Transactions are encrypted end-to-end, safeguarding your financial information. Regular updates and security patches on UPI apps enhance protection. Users are encouraged to enable biometric authentication for added security. Banks continuously monitor transactions for suspicious activities, ensuring immediate action if anomalies are detected. This secure system provides peace of mind for users performing UPI ATM withdrawals.
Compatibility of UPI apps with ATMs
Most major UPI apps are compatible with UPI-enabled ATMs, enhancing convenience. This wide compatibility ensures that users can access their funds regardless of their preferred UPI app. Banks regularly update their systems to ensure seamless integration with these apps. It is advisable to check if your bank's ATMs' support UPI transactions and if your app is updated. This compatibility ensures a smooth, hassle-free cash withdrawal experience, leveraging the flexibility of UPI across different platforms and devices.
Future of UPI ATM cash withdrawal
The future of UPI ATM cash withdrawals looks promising with continuous technological advancements. As more banks adopt UPI ATM services, accessibility will improve significantly. Innovations like biometric verification and enhanced QR code security will further secure transactions. Increased limits and reduced fees might also be introduced to attract more users. Collaborations between banks and fintech companies will streamline the process, making it more user-friendly. The focus on a cashless economy will drive the growth of UPI ATM withdrawals, making it a mainstream option for cash access. Continuous updates and enhancements will ensure it remains a secure and efficient method for users.
The Bajaj Finserv BBPS platform is a one-stop platform for managing UPI payments efficiently. The platform offers a seamless user experience, enabling users to pay bills, transfer funds, and manage finances in one place. BBPS supports multiple payment methods, including UPI for direct bank transfers. Users can access various services, such as utility bill payments, recharges, and more, making financial management simple and convenient.
Conclusion
UPI ATM cash withdrawal is a significant step towards a cashless society, offering a secure and convenient way to access cash without a card. By understanding the process, limits, and benefits, users can make the most of this modern banking facility.
