In today’s fast-paced world, time is of the essence. Imagine needing cash urgently but not having the time or vehicle to visit a Bank or an ATM. Not to worry! India Post Payments Bank (IPPB) has introduced an innovative solution: the Online Aadhaar ATM (AePS) Service. With this service, you can now withdraw cash from your local Post Office without stepping out of your own home, thanks to your friendly neighborhood Postman.
What is Aadhaar Enabled Payment System (AePS)?
The Aadhaar Enabled Payment System (AePS) utilizes your biometrics (fingerprint or iris scan) to facilitate transactions directly from your Aadhaar-linked Bank Account. This eliminates the need to visit a physical ATM or bank branch. Here’s how it works:
- Identification via Aadhaar: You use your Aadhaar details as your identity to access your Aadhaar-enabled Bank Account.
- Basic Banking Transactions: With AePS, you can perform essential banking tasks, including:
- Cash Withdrawal: Need cash? Your friendly Postman can assist you in withdrawing up to ₹10,000.
- Balance Inquiry: Check your account balance hassle-free without stepping out.
- Mini Statement: Review recent transactions.
- Aadhaar to Aadhaar Fund Transfer: Transfer funds seamlessly to another Aadhaar-linked account.
How does the Aadhaar Enabled Payment System Work (Aadhaar ATM)?
- Business Correspondents (BC): These authorized bank agents, equipped with MicroATMs, act as intermediaries. They help you access your linked Bank Account using AePS.
- Biometric Authentication: Your fingerprint or iris scan serves as the key to unlock your account. No need for PINs or Cards.
How to Avail the AePS (Aadhaar ATM) Facility from Home?
- Link Aadhaar to Bank Account: Ensure that your Aadhaar number is linked to your Bank account.
- Request the Transaction: Through the bank’s specified channels (online or phone banking), request the transaction you need—whether it’s a cash withdrawal or balance inquiry.
- Doorstep Service: Your postman will assist you in withdrawing cash right at your doorstep.
Requirements for Availing AePS Services
To enjoy the Benefits of AePS, ensure the following:
- Bank Account: You must have an account with a bank participating in AePS.
- Aadhaar Linkage: Your Aadhaar should be linked to your Bank account.
- Biometric Authentication: Transactions are authenticated using your Biometrics.
How to Use AEPS Service?
- Ensure you have the following:
- Have a bank account in a bank participating in AEPS.
- Your Aadhaar is linked to the bank.
- Biometric authentication (your fingerprint or iris scan).
- Visit a local Banking Correspondent.
- Provide your Aadhaar Number to the Point of Sale (PoS) machine.
- Choose or Select the required transaction type (for example, cash withdrawal).
- Specify the Bank’s name.
- Enter the transaction Amount.
- To finalize the transaction, utilize your biometric data.
Charges and Convenience of Aadhaar ATM
- No Transactional Charges: Customers are not charged for using AePS services.
- Doorstep Service: Your postman assists you in withdrawing cash right at your doorstep. But for doorstep service you will have to pay charges which may be applicable as per the prevailing rates of the bank.
Why Choose India Post’s AePS Service?
- No Transactional Charges: Enjoy cash withdrawals without any additional fees.
- Safe and Convenient: Avoid crowded ATMs and long queues.
Next time you’re in urgent need of cash, remember that your friendly Postman doubles as your Personal Banker. Say goodbye to ATM long queues and hello to hassle-free Withdrawals and Transactions with Aadhaar ATM, India Post’s AePS service.
