Imagine that you are stuck in a place and don’t have cash, worse that you even don’t have an ATM / Debit card or even if you have, you have lost one. Then all you need is a mobile phone to withdraw cash.
ICICI Bank has launched a unique facility called smsNcash. Under this, one can remit funds from an ICICI Bank account to a person who does not have any Bank account through the mobile channel.
An ICICI Bank Saving Bank customer just needs to register for Mobile Banking and then can specify the beneficary’s mobile phone number (who may or may not be a bank customer) and the amount, subject to maximum of Rs. 10000 per day to a single person.
After entering the details, there would be a 4-digit code received on the remitter’s mobile and 6-digit code on the beneficiary’s mobile phone which together with the beneficiary’s mobile number would be used to withdraw cash.
Then the beneficiary can withdraw cash from some specified ICICI Bank ATM without having to swipe a debit or credit card.
The service charges are nominal too as for amount upto Rs.5000, a charge of Rs.10 + Service Tax would be levied while for amount over Rs.5000, the charges are Rs.20 + Service Tax.