Those of you who have an account with SBI should be happy today. SBI has launched its mobile app, “YONO”. In fact, the mobile app was launched in the year 2017 and since then, it has gone through many upgrades.
The current version of SBI YONO is the best in the class mobile app for banking. It has the potential to make SBI the preferred bank for all generations.
In this post, we will get to know one of their unique offerings on the YONO platform – YONO Cash.
What is YONO Cash?
SBI YONO cash is a cash withdrawal facility available on the mobile app: SBI YONO. It allows for the withdrawal of cash from ATMs without an ATM/Debit Card.
Now, this might amuse you – Cash withdrawal at ATMs without a Card. Yes!! this is indeed a BIG plus of using YONO Cash.
How does YONO Cash works?
SBI YONO cash works on a 2-factor authentication system. You don’t need a physical ATM/Debit Card. All you need is your login to SBI YONO.
SBI YONO cash allows you to withdraw cash up to Rs. 20,000/- in a day. You may also receive money or collect cash at Merchant POS Terminal or Customer Service Points(CSPs).
The limit for cash collection at CSPs is Rs. 10,000/- per day. The limit for cash collection at Merchant POS terminal is Rs. 2000/- per day.
Apart from allowing you to withdraw cash carelessly, you can also shop without your Debit Card with a transaction limit of Rs. 10, 000/-.
How to withdraw cash using SBI YONO
To perform the cash withdrawal transaction using SBI YONO cash, you need to have login access to SBI YONO. So, first download the mobile app, SBI YONO.
If you still have not set up your login for YONO, then search for YONO SBI in the google play store on your Android or iPhone. You can use your Internet Banking credentials to log in to YONO SBI.
STEPS on your YONO SBI App
- When you log in using your Internet Banking credentials, you will see the screen as below:
2. Select YONO cash. You will then see the various options available in YONO cash. They are:
Under YONO Cash
- ATM
- Merchant POS
- Customer Service Points
Under YONO Shopping
- Cardless Shopping
Now, let us choose ATM. You will see two heads under details:
- Account
- Amount
Choose the account from which you wish to withdraw cash from the drop-down. And select the amount that you wish to withdraw. You need to enter the amount in multiples of Rs. 500/-. Click on ‘Next’.
Now, you will come to the screen that will prompt you to enter create a temporary pin. Please do not confuse this pin with your Debit Card pin. Please create a 6 digit temporary pin here. and click on ‘Next’.
Here you will be able to ‘Review’ the details that you entered so far. At the bottom, you will be given a box to tick so that you agree to the Terms and Conditions.
Once you have agreed to the Terms and Conditions, you may now confirm’ the transaction.
After having confirmed the transaction, you will receive an SMS immediately on your mobile phone. It will read something like this:
“Thank you for using YONO Cash in State Bank of India(SBI). YONO Cash transaction No. is XXXXXX(a 6 digit numeric code) date DD/MM/YYYY hr:min: sec. Please do not share this with anyone”
Minimum And Maximum Cash withdrawal limits on SBI YONO
You may choose to withdraw up to Rs. 20,000/-(Rupees Twenty Thousand Only) using the ATM option. The minimum that you may withdraw is Rs. 500/- and multiples of Rs. 500/- thereafter.
One single cardless cash withdrawal using YONO Cash can be done up to Rs. 10,000/-(Rupees Ten Thousand Only). If you have multiple accounts, then you can withdraw more. Your per account per day cash withdrawal limit is Rs. 20,000/- using YONO Cash.
And also, let me tell you that cardless cash withdrawal using YONO cash is beyond the limits set on your issued card in terms of amount and the total number of cash withdrawals.
So, let us suppose that you have a debit card with a cash withdrawal limit of Rs. 20,000/-. Then, your total cash withdrawal limit on your account would become Rs. 40,000/-. Rs 20,000/- for the debit card and Rs. 20,000/- for YONO cash.
Validity of the Numeric Code
The numeric code that you receive will be available for use for the next 4 hrs from receiving the code on your Registered Mobile number. You can raise up to 2 requests at a time.
