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Cash at your doorstep: Get post office delivery via Aadhaar ATM service

Running out of cash but can't reach a bank or ATM? Fear not! India Post Payments Bank's Aadhaar ATM (AePS) service lets you withdraw cash using your Aadhaar number for verification

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Surbhi Gloria Singh New Delhi

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Are you falling short on cash and are unable to visit a bank or ATM? You're not alone. Extensive use of UPI and other online transactions sometimes leaves individuals without cash in hand.


Now, here's a solution: The Aadhaar Enabled Payment System (AePS) service offered by India Post Payments Bank (IPPB) enables cash withdrawals from the comfort of your home.

Through the AePS facility, a bank customer can employ their Aadhaar number as an identity verification tool to access their Aadhaar-enabled bank account. This service allows for basic banking transactions such as balance enquiries, cash withdrawals, and remittances through a business correspondent.


What is AePS?
 
Adhil Shetty, CEO of Bankbazaar.com, describes AePS as a secure and easy-to-use payment system that leverages the Aadhaar infrastructure. It enables users to perform various banking services such as cash withdrawals, balance inquiries, and fund transfers, all by providing their Aadhaar number and undergoing biometric authentication.

How does the Aadhaar ATM (AePS) service work?

For customers to take advantage of the AEPS service, several criteria must be met. Firstly, the customer's bank must participate in AEPS. Secondly, the customer's Aadhaar number must be linked to their bank account. Lastly, transactions are authenticated through biometric data.

Adhil Shetty outlines the process for using the service as follows:

1. Approach a banking correspondent in your vicinity.
2. Enter your Aadhaar number into the Point of Sale (PoS) machine.
3. Choose the transaction type and mention your bank's name.
4. Specify the amount for the transaction.
5. Authenticate the transaction using your biometric data (either a fingerprint or an iris scan).
6. A receipt will be issued upon the successful completion of the transaction.

How to avail the AEPS facility from home?

Should you wish to use this service without leaving your house, the bank and IPPB offer a doorstep service. To use it:

— Request the transaction you need, such as a cash withdrawal, via the bank's specified channels, which could be online or through phone banking.
— After verifying your request, the bank will process it and ensure the requested cash is delivered directly to your home.

Who will benefit most from the doorstep cash facility?

This service particularly benefits those who find it challenging to visit banks or ATMs, such as senior citizens, individuals with disabilities, and others preferring the safety and convenience of home delivery.

What services are available under AePS?

The AePS platform offers a variety of services, including:
— Cash Withdrawal
— Balance Enquiry
— Mini Statement
— Aadhaar to Aadhaar Fund Transfer

What is important for AEPS to work?

To use AEPS, customers must have an account with an AEPS-participating bank and have their Aadhaar number linked to this account. Transactions are authenticated solely through biometric verification.

Is the service chargeable?

Customers will not incur any transactional charges when using services at any access points or through doorstep delivery. However, a fee for doorstep service may apply according to the bank's current rates.

In how much time will the money be delivered?

"The delivery time for the cash varies, ranging from 24 hours to a few days, depending on the distance from the post office or bank to the customer's residence," says Adhil Shetty.

Is there any limit on AEPS cash withdrawal and fund transfer transactions?
 
The NPCI has imposed a limit of Rs 10,000 for a single AEPS financial transaction.

Can minors avail of such services?
 
Minors are permitted to use these services, although eligibility may vary depending on the issuing bank.

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First Published: Apr 10 2024 | 2:09 PM IST

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