Understanding Cardless Withdrawal Limits in YONO

In today’s digital age, convenience is key, especially when it comes to banking. With the rise of mobile banking applications, services like YONO (You Only Need One) by the State Bank of India have revolutionized how we manage our finances. One of the standout features of YONO is the cardless withdrawal option, which allows users to withdraw cash from ATMs without needing a physical debit or credit card. In this blog, we’ll explore the limits associated with cardless withdrawals using YONO and how to maximize this feature.

What is YONO?

YONO is an integrated banking platform that combines various services such as banking, shopping, and investment. Designed to provide a seamless experience, it offers users a host of features, including online transactions, bill payments, and, notably, cardless cash withdrawals from ATMs.

How Does Cardless Withdrawal Work?

Cardless withdrawal via YONO is simple and secure. Here’s how it generally works:

1. Open the YONO App: Log into your account using your credentials.
2. Select Cardless Withdrawal: Navigate to the cardless withdrawal option within the app.
3. Enter Details: Input the amount you wish to withdraw and follow the prompts to generate a unique withdrawal code.
4. Visit an ATM: Go to a nearby SBI ATM that supports cardless transactions.
5. Enter Code: At the ATM, select the cardless withdrawal option and enter the code generated by the app, along with your registered mobile number.
6. Collect Cash: The ATM dispenses the cash, completing the transaction.

Cardless Withdrawal Limits

Understanding the limits of cardless withdrawals is essential for effective financial management. As of the latest guidelines, here are the key points regarding the limits for YONO cardless withdrawals:

1. Daily Limit: Users can typically withdraw up to ₹10,000 per transaction, with a maximum daily limit of ₹20,000. This limit ensures security while still providing access to cash when needed.
2. Monthly Limit: Depending on your account type and usage, there may be an overall monthly limit on withdrawals. It’s advisable to check your specific bank guidelines or consult the YONO app for personalized limits.
3. Transaction Fees: While cardless withdrawals via YONO are generally free at SBI ATMs, be aware that fees may apply if you use non-SBI ATMs.
4. Secure Transactions: Each withdrawal is authenticated through the app, adding an extra layer of security to ensure that only you can access your funds.

Tips for Using Cardless Withdrawal

• Plan Ahead: Since there are limits on how much you can withdraw daily, plan your cash needs, especially during busy periods or travel.
• Stay Updated: Keep an eye on any changes in withdrawal limits by regularly checking updates in the YONO app or the official SBI website.
• Use SBI ATMs: To avoid transaction fees, use SBI ATMs whenever possible for cardless withdrawals.

Conclusion

The cardless withdrawal feature in YONO provides a hassle-free way to access cash without needing a physical card. With limits in place to enhance security, it’s an excellent option for anyone looking to simplify their banking experience. Whether at home, out shopping, or traveling, knowing how to use this feature effectively can save you time and make your financial transactions smoother. Embrace the convenience of digital banking with YONO and enjoy the freedom of cardless withdrawals!