The Aadhaar Enabled Payment System or AePS, is a safe and practical payment method that uses the Aadhaar infrastructure to facilitate financial transactions. It enables users to access a range of banking services, such as fund transfers, balance inquiries, cash withdrawals, and more, using their Aadhaar number and biometric authentication. However, there are several facts about AePS that you need to know to make most of the facility. One such important fact that you need to know is AePS’ cash withdrawal limit.
Aadhaar Enabled Payment System’s cash withdrawal limit is the maximum amount of money you can withdraw from your bank account in a single transaction using AePS. It serves as a guideline that lets you know how much you can take out of the bank account in total. Everyone using AePS should be aware of this limit otherwise one may get caught up in an unpleasant situation where you need to access a certain amount of funds from your bank account that is not permissible as per AePS cash withdrawal limit. If you are aware about the limit, you can plan your financial transactions in a better way. Here we are going to tell you about the AePS cash withdrawal limit as directed by National Payments Corporation of India, India Post Payments Bank, State Bank of India and Punjab National Bank.
How much is the AePS cash withdrawal limit?
One can use Aadhaar Enabled Payment System for cash withdrawal but in a limited manner. The National Payments Corporation of India (NPCI) has established a Rs. 10,000 cap on AePS cash withdrawal. You must be wondering what could be the reason to impose the AePS cash withdrawal limit as at times it hassles the banking user. These restrictions are in place to make banking easier for customers while guaranteeing safe and secure transactions. Some banks have placed restrictions on AePS transactions to guard against fraud, scam or banking abuse.
How much is the monthly AePS funds transfer limit?
One can use Aadhaar Enabled Payment System to perform transactions up to Rs 50,000 in a month. According to the NPCI, a rolling 30-day period should be used to compute this limit. This means that when assessing whether the limit has been achieved, the banking user should take a look at all the transactions from the previous 30 days and not just the current month. In order to better manage the restriction and guarantee more seamless transactions for customers, banks that issue AePS cards may optionally choose to impose this limit on a rolling daily basis.
What is the withdrawal limit for IPPB AEPS?
As an acquirer bank, IPPB does not impose any restrictions on other banks’ customers while making AePS transactions. Nonetheless, the issuing bank upholds these restrictions in accordance with risk management procedures and financial profile of the customer. For a single AePS financial transaction, the NPCI has specified a maximum transaction amount of Rs. 10,000. Therefore, even though IPPB doesn’t limit transactions, it’s crucial to be aware of your bank’s AePS cash withdrawal limit and NPCI regulations to prevent any unpleasant surprises when making withdrawals.
What is the AePS withdrawal limit at Punjab National Bank?
The customers of other banks do not face any AePS cash withdrawal limit from Punjab National Bank or PNB. However, depending on the risk management system and customer profiles, each bank, including PNB, may have its own limitations. Therefore, it is recommended to consumers to inquire with the bank manager at PNB branch or customer care about any potential withdrawal restrictions on their AePS transactions.
What is the AePS withdrawal limit at State Bank of India?
Following the same policy, AePS cash withdrawals from other banks are not subject to a limit at State Bank of India or SBI. However, similar to the majority of banks, SBI might have specific withdrawal limits depending on client profile or any other security measures. Customers should consult SBI or their bank to learn about any limitations that can impact their AePS transactions.
What is AePS withdrawal limit at Bank of India?
Clients can withdraw up to Rs 10,000 in a single AePS transaction from any bank, including Bank of India. Many banks have set a daily cap of Rs 50,000 on the total amount of AePS transactions made by all customers. NPCI has, however, set a maximum withdrawal limit of Rs 10,000 for AePS cash withdrawals. In order to maintain consistency and security in transactions across banks, this means that each AePS cash withdrawal cannot exceed Rs 10,000, even if some banks may permit transactions totaling up to Rs 50,000 in a single day.
Wrapping up
Thanks to the innovative technology used by the innovative Aadhaar Enabled Payment System, users can carry out a number of financial operations, such as fund transfers, cash withdrawals, cash deposits, and balance inquiries. In order to use the AePS facility efficiently, it is important for you to be aware of the AePS cash withdrawal limit that applies to these transactions. We have learnt here that National Payments Corporation of India, the body that is in charge of AePS, has defined AePS cash withdrawal limit as Rs 10,000 per transaction and cumulative transaction restriction of Rs 50,000. This implies that, regardless of the bank or user, you will not get AePS cash withdrawal greater than this anywhere. Additionally, the Rs 50,000 monthly withdrawal cap is determined over a rolling 30-day period.