The money withdrawal process on the YONO app can be initiated by SBI clients and a six-digit pin set for the transaction. They will also receive on their registered phone numbers via SMS a six-digit reference amount for the transaction. Within the next 30 minutes, the money withdrawal must be finished at an ATM using both the PIN and the reference number.
SBI Online India: How does the withdrawal of Cardless Cash work?
This Cardless Cash Withdrawal method operates with the authentication of two factors and eliminates the danger of skimming and cloning.
Using the Yono app, clients must set a6-digit Yono PIN to withdraw money.
Upon initiation of the method, the client receives a 6-digit reference code via SMS, which must then be entered into a Yono Cash Point.
The money withdrawal must be finished at an ATM with both the PIN and the reference number within the next 30 minutes.
It will be called Yono Cash Point for ATMs activated with this service.
This cardless money withdrawal will tackle the issues regarding the use of debit cards at ATMs for money withdrawals by eliminating the potential related danger as well as maximizing comfort and enhancing the banking experience for their clients.
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The bank claims, YONO is the “first extensive digital banking platform from 85 e-commerce players to deliver tailored products and services. YONO SBI introduced in November 2017, has turned one and continues to experience overwhelming user reactions. “You can read all of the Terms and Conditions from SBI’s official website online.
SBI Online India: As of February 2019, with 7 million+ active subscribers, YONO had over 18 million downloads. YONO can be obtained via mobile phones powered by Android and iOS, and via a browser on the internet, enabling a seamless customer experience on the omnichannel.
In the coming years, SBI intends to release more characteristics of YONO to make life simpler for clients.