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UPI ATM FAQ: How to use, withdrawal limit, charges and more
There is a recent buzz on UPI ATM. What is it exactly and how can I benefit from using it?
UPI ATM is a secure and innovative way to withdraw cash without the need for physical debit cards or ATM visits.
It leverages the Unified Payments Interface (UPI) and is a collaborative effort between various banks and the National Payments Corporation of India (NPCI).
Does this mean I can withdraw money from any bank ATM using my UPI?
No.
Banks are gradually adopting the UPI-ATM technology.
Bank of Baroda, for instance, has implemented it in 6,000 UPI ATMs nationwide.
Seventeen more banks have reportedly received certification for Interoperable Cardless Cash Withdrawal (ICCW) technology from NPCI, with some already offering this feature.
For more information, you should contact your bank or refer to their official communication regarding UPI-ATM services.
Is there any withdrawal limit when I use UPI ATMs?
The withdrawal limit for UPI ATMs is currently set at Rs 10,000 per transaction.
This limit is part of your existing daily UPI limit and is subject to the issuer bank's restrictions.
Do I need to carry a debit or credit card for using UPI ATM?
No, you do not need to carry a physical debit or credit card.
All you need is an internet-connected smartphone with a UPI-enabled app.
Will I be charged something for withdrawing cash at UPI ATMs?
Generally, you will not be charged any fees for withdrawing cash at a UPI ATM.
However, specific fees might apply after a certain number of withdrawals at a particular bank's ATM.
It's advisable to check with your bank for details on any such charges.
Can I use any bank's UPI ATM for withdrawing money as was the case with a normal ATM?
Yes, UPI ATMs are interoperable.
As long as you have an active UPI ID, you can use any UPI ATM, regardless of the bank that issued your UPI ID.
How is the UPI-ATM feature different from cardless cash withdrawals?
While both UPI-ATMs and cardless cash withdrawals offer convenient alternatives to traditional ATM transactions, they differ in their methods.
UPI-ATMs rely on QR codes for cash transactions, providing a unique and secure approach.
Cardless cash withdrawals, on the other hand, often use mobile numbers and OTPs for authentication.
How can I use UPI ATM?
You first need to select the "UPI Cardless Cash" option on the ATM screen and choose the cash withdrawal amount.
Then scan the displayed dynamic QR Code using a UPI app on your smartphone.
After this, select the bank account from which you want to withdraw the cash, if you have multiple accounts linked to your UPI ID.
Now, confirm the transaction using your UPI PIN and the ATM will dispense the requested cash.
