Mobile Banking- ATM usage – Smart Technology – Card less cash withdrawal

Now ATM transactions are putting limit of 5 withdrawals through their own ATM and 3 ATM withdrawals from other Bank ATMs. If anybody withdraws more than the approved one, they will be charged Rs.20 per transactions. Of course RBI has allowed banks to relax these to their clients.

The above drives the banking public to resort to mobile phone banking facility for drawing money instantly from ATMs. But maximum amount that can be withdrawn is only Rs.10,000/-. This works out like this.

Suppose husband is having internet connections and online banking. His wife wants money from ATM without carrying the debit/credit card. Then the steps to be followed are:

  1. Husband logs on to his bank’s website for a cashless transfer using smart phone or laptop or desktop computers and type the wife’s mobile number and the amount to be drawn in ATM against which one transfer code is generated by bank’s website and conveyed to the mobile number of husband.
  2. In the above case, for e.g. for mobile number 9600998899 transfer code 2345 amount 5000 was received by husband in his mobile phone registered with bank’s site. He immediately sends this code to his wife to her mobile.
  3. Wife also receives one four digit code from bank to her mobile. Now she has to enter both codes, first husband sent code and her own code received from bank in the bank’s ATM and the amount of Rs.5000.
  4. She will get the money .



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