Have you ever been in an emergency situation where you need cash but don’t have an ATM card? Withdrawing cash from ATMs can be handy especially where online payments and UPI are not very common. However, carrying a debit card always has its own risks as it can be used to make contactless payments without PIN. It can also be used to dupe accountholders while using unauthorized ATMs. For safety of accountholders, they can now withdraw money even without using debit cards. This can be done through UPI-ATM ICCW.
ICCW or Interoperable Card-less Cash Withdrawal is a facility that allows account holders to withdraw money from their account without using a debit/credit card. This service is easy to use since the card holder needs to use his/her mobile banking app to raise a request for card-less cash withdrawal. Since there has been a rise in making digital transactions, ICCW ensures that customers are able to make card-less cash withdrawals easily. The service provides customers the freedom to withdraw cash at their own convenience.
Customers will have to use their UPI apps instead to withdraw cash from the ATM. This service will add extra layers of security in terms of withdrawing cash from ATMs. To access this service, customers need to have a UPI-enabled mobile banking app or any UPI app.
Features of the UPI-ATM (ICCW) Service
Main features of this facility are mentioned below:
- The service allows seamless card-less transactions
- Individuals do not need to carry their debit/credit card for making cash withdrawals from ATMs
- It will allow users to withdraw cash from multiple accounts using UPI app
- Transaction limit of this facility is up to Rs. 10,000. However, it may vary from bank to bank. The limit is covered under the total transfer limit through UPI every day (Rs. 1 Lakh).
- Two-step verification is used that helps add security and reduce chances of fraudulent transactions
How to Withdraw Cash at ATM using UPI-ATM ICCW
- Step 1: At the ATM, select ‘UPI cash withdrawal’ option
- Step 2: ATM will ask you to enter the amount that you want to withdraw
- Step 3: You will be prompted with a single-use QR code on the screen
- Step 4: Scan the prompted QR code on the screen using any UPI application on your mobile
- Step 5: Authorize the transaction. UPI will be debited upon authorization
- Step 6: On the ATM, tap on ‘Press here for cash’
- Step 7: Your cash will be dispensed
Banks Offering UPI-ATM (ICCW) Services
Below-mentioned is the list of banks that are currently active on ICCW service:
| Bank of Baroda | City Union Bank |
| Canara Bank | Central Bank of India |
| IndusInd Bank | YES Bank |
| Ujjivan Small Finance Bank | The Mehsana Urban Co-operative Bank |
Please note that card-less transactions through ATMs are limited to Bank of Baroda and City Union Bank ATMs currently. However, customers of other banks that are mentioned in the list above can make card-less cash withdrawals through ATMs of Bank of Baroda and City Union Bank. Also, BHIM UPI app is also active on ICCW facility.
Key Points of ICCW
- Need not carry multiple cards to withdraw cash from ATM
- The facility will eliminate skimming, cloning, and other card-related frauds
- Customers who are not issued physical cards can use this service
- Paperless transaction
Fees and Charges
Customers are allowed to carry 5 transactions (including financial and non-financial transactions) in a month from their own bank ATMs. They are also eligible to carry out free transactions from other bank ATMs (including financial and non-financial transactions) i.e. three transactions in metro centres and five transactions in non-metro centres. Thereafter, customers will be charged Rs. 20 per transaction.
Maximum Withdrawal through UPI-ATM
As per the initial arrangements, a maximum of Rs. 1 Lakh every month can be withdrawn as one can carry out a transaction only up to Rs. 1 Lakh through UPI every month. It also has an upper capping of Rs. 10,000 every day. However, if one uses the same account for other UPI transactions, the overall withdrawal limit would decrease accordingly.
Even though this new facility is safer and more convenient, it may take some time for the banks to implement it on a large scale. Though this facility is still in initial phases, more banks are expected to join the platform and provide this facility and flexibility to their customers. However, capping on the maximum withdrawal limit is expected to stay similar till the facility gets popular among masses.
