Want to send money to a friend but the friend doesn’t have a bank account? Looking to help a family member with cash but you are too far away? Or is it one of those days when you have forgotten your wallet at home? No problem! Now you or your beneficiary can withdraw cash in a safe and convenient way WITHOUT a card. All you need is your mobile phone!
The Cardless Cash facility allows you to send cash to anyone you choose to send it to, or to yourself, for withdrawal at a Kotak ATM. The receiver can withdraw cash without using a debit card. Yes, that's right! To withdraw cash, simply enter the details received via SMS on your mobile.
Steps for setting a Beneficiary transaction request on Net Banking / Mobile Banking:
All that the beneficiary will need to do is enter the sender code along with the 4-digit SMS PIN he/she receives on his/her mobile number at the ATM.
Steps to withdraw cash at the Kotak ATM:
For your safety, the Cardless Cash request will expire the following day. The amount will be refunded to your Bank account in case the cash is not withdrawn within the said period.
There is a minimum transaction limit of Rs. 100/- and maximum of Rs. 5,000 per transaction. Maximum per day limit per CRN is Rs.10,000/- subject to the cap of Rs. 25,000 per month per beneficiary as prescribed by RBI.