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Cardless cash withdrawal from ATM.
Have you heard about Instant Money Transfer?. Do you know that you can withdraw cash from ATMs without the use of a debit or credit card?. In case you kept your cards at home and you need cash immediately then you can use this fantastic option IMT to withdraw cash from ATMs without the usage of cards. Yes, cardless cash withdrawal is possible. And you can additionally use this option to send cash to your friends or family, and the receiver(friends or family) can also withdraw cash from ATMs without any cards.
IMT or Instant money transfer.
Instant money transfer(IMT) is an advanced popular domestic service introduced to withdraw cash without a card and send cash to the receiver through mobile. Suppose your friend needs some money urgently but he/she is yet to open a bank account. Are you confused about how to transfer the money to him/her?. Imagine you forgot your debit card at home suddenly you need to withdraw cash from ATM. What will you do now?. in fact you can easily handle the above two situations with the IMT option.
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How IMT works.
IMT service involves two stages
1) Firstly, the initiation of the request,
2) Finally, the cash withdrawal
The initiation of the IMT request.
You can initiate an Instant Money Transfer service by logging into the mobile banking or internet banking portal. The Beneficiary name(name of the recipient), mobile number, and address details should be registered on IMT add beneficiary option. Once, the beneficiary is registered the IMT transaction can be initiated using the registered mobile number of the beneficiary. Now you can enter the amount immediately when the IMT is initiated the beneficiary will receive an SMS on their mobile phone with the details of the IMT. The details in the SMS are
- Amount transferred through the IMT.
- A unique code for the transaction.
- A unique SMS is sent by the bank to authorize the withdrawal.
- The IMT transaction expiry date.
The cash withdrawal.
As a result of initiation of the Instant Money Transfer, the amount is transferred to the beneficiary. Once the IMT details are received the beneficiary can access the AMT of the payee(IMT initiator) bank. Now the beneficiary should choose the cardless cash withdrawal option in the ATM. And he/she should enter the required details of the beneficiary mobile number, IMT code, SMS code, and the amount transferred through IMT. Once the details are verified the ATM will dispense the cash transferred through IMT. After the completion of the transaction, the SMS code expires immediately. And the most important point is partial withdrawals are not allowed. Suppose you send Rs 10,000 through IMT but the beneficiary entered the amount as Rs 5,000 to withdraw cash means the transaction will be processed.
In fact, the beneficiary account number is not mandatory for the IMT transaction. Suppose you need to withdraw cash from your account means kindly provide your details in the beneficiary section and you will receive the SMS code and IMT code to proceed with the transaction. Moreover this facility is helpful for many in urgent situations particularly for those who forgot or losing their debit cards.
Advantages of IMT.
1. The IMT service to send and withdraw cash is available 24*7
2. The beneficiary need not have a bank account or Debit card
3. Safe and secure way to withdraw cash without a debit card.
4. For your safety, the IMT request will expire after 48 hours post-midnight automatically. Even though the cash is not withdrawn.
5. Moreover for self withdrawal also this service is used.
IMT service is not only convenient to transfer but also useful in urgent situations.
Limits of IMT.
Currently, you can send a maximum amount of Rs. 10,000 in the multiples of 100 to a unique beneficiary per day in most of the banks. And the beneficiary can withdraw a maximum of Rs 25,000 a month. In fact these rules are not fixed and the bank can change the limits at any time based on the growth of the IMT service. And this IMT facility is available only on IMT enabled ATMs. The charges on IMT transaction is comparatively higher than NEFT, RTGS, and withdraw through debit cards.
How to Know the ATM is IMT enabled?
The ATM displays cardless cash withdrawal or IMT enabled option is IMT enabled ATMs.
