Recently Kotak Mahindra Bank has unveiled its cardless cash withdrawal mechanism via ATMs (Instant Money Transfer-IMT). The mechanism would allow cardholders of Kotak Bank to make cash withdrawals and to mandate money to beneficiaries throughout India by avoiding the use of a physical debit card. The cardless cash withdrawal process is easy, seamless to use. In addition, cash remains to play a significant role and this service will allow the cardholders mandate cash conveniently to their beneficiaries and loved ones.
Kotak customers can facilitate the transaction through Kotak Net Banking or mobile banking services, using their registered mobile number with the bank. The recipient can withdraw the cash from any Kotak ATM across the country even he / she is not a Kotak customer or not even have an account with any bank. Let’s check how you can use this facility.
- In case you are a Kotak account holder you need to sign in to your Kotak net banking account or mobile banking app, and then you have to register your beneficiary by submitting the required details such as name, mobile number and address. It is a one time process and also you can include the self-withdrawal option.
- Once the beneficiary registration is successful you can initiate IMT via net banking or mobile banking by entering the amount to be disbursed and providing a sender’s code
- Once the IMT is successfully initiated, the beneficiary can make cardless cash withdrawal from any Kotak ATM in India by tapping the Cardless Cash Withdrawal (IMT) option displayed on the Kotak ATM screen.