Skip to main content

Cardless Withdrawal

  

Cardless Cash Withdrawal

It's technology at it's best again. And this time Indian banks have made best use of the technology to offer Cash Withdrawal Without A Card at ATMs. We can also call this facility as "Send Money to Mobile Number"

Benefits of Cardless Cash Withdrawal

  • Funds transfer is very easy and secured
  • Most importantly, when you need cash on an urgent basis but your ATM card is lost, then this system will come to you your rescue
  • Transaction can be done 24*7
  • Cash can be withdrawn at select ATM centres across India depending on the bank
  • Recipient is not required to have bank account. This is the most distinguishing feature of this service.

How to Initiate Transfer and Withdraw Cash

  1. Sender should login to his/her internet banking account or visit the bank personally to send money.
  2. Then following details of beneficiary should be entered: Payee name (i.e. recipient's name), Nickname, Payee's 10 digit mobile number, Re-enter mobile number, Address, City & Pin Code. Depending on the bank's online banking interface, these details might slightly vary.
  3. Once above details are entered, registration alert would be sent to the sender's registered mobile number along with the unique registration number for completing the registration of beneficiary
  4. Once successfully registered, you can follow normal process of sending the money
  5. After a transfer is initiated, sender will receive 4 digit verification code whereas recipient will receive six digit reference code on their mobile phone via SMS.
  6. Sender must share this 4 digit code with the recipient
  7. Finally recipient needs to visit any ATM of the bank and enter these details: beneficiary mobile number, 4 digit verification code sent by the payer and 6 digit code sent by the bank and the amount to be withdrawn

Requirements:

  • Sender must hold savings bank account in the bank through which money would be transferred
  • Sender must have internet banking enabled and should register the beneficiary's contact details – full name, ten digit mobile number and complete address
  • Sender must be registered for mobile banking facility
  • Once the money is transferred via internet banking facility, it is mandatory for the receiver to withdraw the whole amount at the same time and within two days of the transfer. (This would vary depending on the bank)
  • In case the details entered by the recipient enters incorrect details then the cardless withdrawal will be blocked. And the whole amount would get credited back to the sender's account

Which Banks Offer Cardless Withdrawal Service

As of now, following banks offer this service to their savings bank customer:

  1. ICICI Bank
  2. Axis Bank
  3. Bank of India
  4. IndusInd Bank

Limit

There is a set limit for the transaction amount. Per transaction Rs. 5,000-10,000 can be transferred whereas recipient can withdraw Rs. 25,000 every month. This might again vary from bank to bank.

 

Charges

For every transfer, payer would be charged Rs. 25.

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Popular posts from this blog

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...

WEALTH TAX

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 WEALTH TAX   WHAT CONSTITUTES WEALTH? For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000. CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child. Such assets will also be considered as your wealth. HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a...

Equity Savings Fund

Invest Equity Savings Fund Online   The best part about these funds is that they are subject to equity fund taxation and at the same time are structured like MIP like funds . This new category, equity savings funds , offer a little of everything. They allocate money to equities & equity related instruments, and fixed income. They aim to generate returns by diversification. Such funds invest in fixed income and arbitrage to protect the investors from short term volatility and equity for capital gains. The best part of these funds is that they are subject to equity fund taxation and at the same time are structured like MIP funds.   MIP funds however are subject to debt fund taxation. Investors Equity savings funds are suitable for the following: First time investors who seek partial exposure to equity with less volatility and greater stability Investors seeking moderate capital appreciation with relatively lower risk Those wh...

8% Government of India Bonds quick guide

For those seeking comfort in safety of returns, the Government of India issued 8% savings bond once again comes to the fore. First launched in 2003, these bonds are issued by the government with a maturity of 6 years. The bonds are available at all times with specified distributors through whom you can apply to invest in them. Here is a quick guide to what the bond offers and its features to ascertain to check for suitability. What are Government of India bonds Government of India bonds are like any other government bonds with specified rate of interest. The rate is fixed at 8% per annum paid half yearly, or you can opt for cumulative payment of interest at the end of the tenure. You can buy these bonds from State Bank of India and its associates, other nationalized banks and some private sector banks such as HDFC Bank Ltd and ICICI Bank Ltd, among others. The bonds can be bought from the offices of Stock Holding Corporation of India as well. They are available in physical form onl...

Tax on Kisan Vikas Patra Returns

  Taxation of Kisan Vikas Patra The interest earned on Kisan Vikas Patra (KVP) doesn't enjoy any tax exemption   The interest earned on Kisan Vikas Patra (KVP) doesn't enjoy any tax exemptions. The interest earned from it is taxed as per the Income Tax slab applicable to the investor on redemption. That means an investor in the highest tax slab will pay 30 per cent tax on the returns from KVP . Also, 10 per cent of the interest earned would be deducted as tax deducted at source (TDS). ----------------------------------------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saving Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in india for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Franklin India TaxShield 4. ICICI Prudential Long Term Equity Fund 5. IDFC Tax Advantage (ELSS) Fund 6. Birla Sun Life Tax Relief 96 7. DSP BlackRock Tax Saver Fu...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now