SBI YONO: App launched for cardless cash withdrawal
Introduction to YONO App– SBI launches cardless ATM withdrawal with YONO Cash: India’s largest bank, State Bank of India (SBI) launched a digital banking app named YONO. It is also termed as You Only Need One. The chairperson of SBI, Rajnish Kumar announced this latest news and addressed the concerns of SBI account holders over usage of debit cards for cash withdrawal. This app is designed to eliminate the concerns and risk of cloning and skimming with the use of a physical debit card.
SBI launches cardless ATM withdrawal with YONO Cash
Now SBI Customers can withdraw Cash from ATM without any Debit Card. Customers can initiate the cash withdrawal process on the YONO app and set a six-digit pin for the transaction. They will also get a six-digit reference number for the transaction on their registered mobile numbers via SMS. The cash withdrawal has to be completed within the next 30 minutes at an ATM using both the PIN and the reference number.
What are the features of SBI YONO Cash App?
These are the facilities which can be used by the SBI customers after linking with this latest SBI app.
- Account Opening
- Online Shopping
- Applying for loan
- Money Transfer
- Expenditure Analysis
- Paying bills and other obligations
- Other Banking transactions
Objectives for launching SBI YONO Cash app
YONO app is launched aiming with one and only solution for everything needed to public like banking, investment, online shopping etc. This app can be used for numerous activities like applying for loans, opening a savings account instantly or even shopping online. SBI bank and its subsidiary offering different financial products such as SBI Cards, SBI Caps, SBI Mutual Funds, SBI General and SBI Life, will be merged into the SBI YONO app.
Apart from this SBI YONO can be used for money transfers and also to get a loan/overdraft against your Fixed Deposit. YONO is a kind of digital banking platform which offers a wide range of customized banking and financial services, including offers and deals. More details about SBI launches cardless ATM withdrawal with YONO Cash is given below here.
Procedure to download and use SBI YONO app
Here is the process through which you can use this new YONO app in the upcoming days :-
- You must be an SBI account holder and it should have a registered phone number.
- Next, activate your internet banking account on your SBI account first.
- Now download the “YONO SBI” app on their Android smartphone or iPhone, to use the cardless ATM service.
- As soon as the download is complete, the app will ask for your internet banking details in order to log in.
- Whenever you want to withdraw cash from ATM, you will need to open the Yono SBI app and request for cash withdrawal.
- Just after requesting for cash withdrawal, you will get the 6-digit code for registering the cash withdrawal request on the ATM.
- On the ATM machine, you will have to put this code to withdraw cash.
Note : The 6-digit code is valid only for 30 minutes.
The service will work only on SBI ATMs.
State Bank of India took this step as they know that most of the Indian population are connected with them. They also know that customers are aware of ATM fraud and scams which panic them to use their cards or to share it with someone else. In fact, losing their physical debit card creates a nightmare for them. So keeping all these issues and circumstances in their mind, SBI launched this app to provide a carefree and easier transaction for the SBI account holders.
Soon SBI YONO app is going to make the banking transactions simple, facile and effortless for the SBI customers. There will be no requirement to carry any physical cards. Other than that, you can withdraw cash anytime anywhere just with an OTP (One Time Password) as per your need. Through YONO, the only aim is to create a digital universe by integrating the entire transactions ecosystem under one platform Thanks to SBI for taking this step and moving India towards the digitalization!