Kotak Mahindra Bank: You don't need a debit card to withdraw cash. How it works

Gone are those days when you need to carry a debit card to withdraw money from ATMs. To make banking experience smooth and hassle-free, Kotak Mahindra Bank has launched cardless cash withdrawal facility through ATMs. Apart from withdrawing cash, customers will be able to send money to others across the country via this unique instant money transfer facility. The receiver do not need a Kotak Mahindra Bank account to withdraw money sent through this option.

"The cardless cash withdrawal facility is simple, secure and convenient to use and frees customers from having to carry their debit cards with them all the time. Further, in a country as diverse as India, cash continues to play an important role and this facility will enable our customers to seamlessly remit cash to their friends, family and other beneficiaries,” said Puneet Kapoor, President - Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank.

How it works:

1) For cardless cash withdrawal through ATMs, the users need to to log on to Kotak net banking or the mobile banking app.

2) Customers have to register the beneficiary's name, mobile number and address. This beneficiary registration is a one-time process

3) Kotak Mahindra Bank customers can include own name and details for the self-withdrawal facility.

4) Once a beneficiary is successfully registered, instant money transfer can be initiated through net banking or mobile banking by entering the amount to be remitted and setting a sender's code.

5) Once the process is done, the beneficiary can withdraw cash from any Kotak Mahindra Bank ATM in India by selecting the option of cardless cash withdrawal or instant money transfer on the ATM screen.

6) The beneficiary will be able to withdraw money by entering his/her mobile number, sender and SMS codes and the exact cash amount.

7) The beneficiary do not need to be a Kotak Mahindra Bank customer to receive money via instant money transfer option. The bank is also providing an option to beneficiaries to withdraw money from any Kotak Mahindra Banks ATMs without any bank accounts.