ICICI Bank's Cardless Cash Withdrawal Lets You Transfer Money to Any Mobile Number

ICICI Bank has launched a facility under which an account holder with it can transfer money to a mobile phone user in the country even without the latter having an account with any bank.

A customer having a savings account with the country's largest private lender can initiate a fund transfer using online banking by giving only the mobile number and address of the beneficiary, ICICI Bank said in a statement.

For availing of funds under the 'Cardless Cash Withdrawal' scheme, the beneficiary need not have an account with any bank, it said.

A secure six-digit code gets sent to the mobile number of the beneficiary, who can withdraw the amount from select ICICI bank ATMs, using that number, even without a debit or credit card. The money has to be withdrawn within two days of the transfer. The list of ATMs supporting cardless cash withdrawal is available on ICICI Bank's website.

"We foresee tremendous growth potential in the usage of electronic payments. This innovative service will further empower our customers as well as their families and friends by giving access to instant money even without having a bank account or a debit card," ICICI Bank Executive Director Rajiv Sabharwal said.

To avail cardless cash withdrawal service, you need to be registered with ICICI Bank Mobile and Internet Banking. The cardless cash withdrawal facility can be initiated by any ICICI Bank savings account customer (sender) registered for mobile and Internet Banking. The recipient may or may not be an ICICI bank customer or have any bank account at all.

The maximum amount that can be transferred through this service is Rs. 10,000 per transaction and cannot exceed Rs. 25,000 per account in a day. Also, the maximum amount per recipient cannot exceed Rs. 25,000 in a month.

ICICI Bank will charge Rs. 25 inclusive of service tax as a fee per transaction. This will be recovered by debiting your account when you place a request.

Written with inputs from PTI