The facility allows Kotak accountholders to make cash withdrawals as well as remit money to beneficiaries across India without using a physical debit card. Kotak customers can initiate the transaction through the Kotak Net Banking or Mobile Banking platform using their registered mobile number with the bank.
The beneficiary need not be a Kotak customer and need not even have an account with any bank. The cash can be withdrawn by the beneficiary from any Kotak ATM in India.
Here is how Kotak cardless cash withdrawal facility works
- Kotak account holders need to log on to Kotak Net Banking or the Mobile Banking app and register the beneficiary’s name, mobile number and address.
- This beneficiary registration is a one-time process only and can also include own name and details for the self-withdrawal option.
- Once a beneficiary is successfully registered, IMT can be initiated through Net Banking or Mobile Banking by entering the amount to be remitted and setting a sender’s code.
- After IMT is created successfully, the beneficiary can withdraw cash from any Kotak ATM in India by selecting the option of cardless cash withdrawal (IMT) on the ATM screen.
- The beneficiary will be able to withdraw money by entering his/her mobile number, sender and SMS codes and the exact cash amount.
“As a digital-first bank, enhancing customer experience is a continuous process. 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,” Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said.
