If you’re facing a cash crunch and can’t spare a moment for a conventional bank or ATM visit, fret no more. India Post Payments Bank offers IPPB Online Aadhaar ATM (AePS) service, enabling convenient cash withdrawals from the comfort of your own home. Your friendly postman now offers doorstep cash withdrawals. Before availing, let’s delve into what this service entails.
Aadhar Enabled Payment System (AEPS)
Aadhar Enabled Payment System (AEPS) enables users to conduct transactions solely through biometric authentication, facilitating cash withdrawals and payments from Aadhaar-linked bank accounts.
To utilize AEPS services, customers must have an account with a bank participating in AEPS, and they need to link their Aadhaar to the account.
This process involves withdrawing cash, checking account balances, obtaining mini statements, and facilitating Aadhaar to Aadhaar fund transfers.
According to IPPB website, AEPS allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account. This facility can be used for basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent.
Also Read: Got a new job? Check eligibility for automatic transfer of EPF account
Service available under AEPS
The following are the offerings provided within the AEPS framework, according to IPPB website.
- Cash Withdrawal
- Balance Enquiry
- Mini Statement
- Aadhaar to Aadhaar Fund Transfer
Essential Requirements For AEPS
The customer looking to avail AEPS should mandatorily have:
- Bank account with a participating bank in AEPS.
- Aadhaar linked to bank account with another bank.
- Transaction completed solely via biometric authentication.
Entering wrong Aadhaar number or selecting an unlinked bank account can cause transaction issues.
If the customer enters the wrong Aadhaar number or selects a bank where they don’t have an Aadhaar-linked account, the transaction will be declined. They need to pick the right bank if they’ve linked their Aadhaar with multiple banks. If they have more than one account with the chosen bank, only their primary account will be debited, and they can’t select a specific account during the transaction.
Transaction Confirmation and Associated Charges
The transaction status will primarily be accessible on the m-ATM. Moreover, the customer will receive an SMS from IPPB, along with notifications from their respective bank if registered for mobile alerts, providing confirmation of the completed transaction.
Customers will not incur any transactional fees when utilizing services at any access points or doorstep. Nevertheless, there will be an application of doorstep service charges to the customer in accordance with prevailing fees.
Limits on AEPS cash withdrawals and fund transfers
As an acquiring bank, IPPB imposes no restrictions on AEPS transactions for customers of other banks. Nevertheless, the issuing bank sets these limits according to individual customer profiles and risk assessment protocols. NPCI (National Payments Corporation of India) has established a ceiling of Rs. 10,000 for each individual AEPS financial transaction.
Want to learn the art and science of managing your money? The 1% Club can help. Details here
