Who Can Use The Technology?

The convenience of withdrawing cash from Bank of Baroda ATMs without the need for a debit card is not exclusive to Bank of Baroda customers alone. Customers of other participating issuer banks who utilize BHIM UPI, bob World UPI, or any other UPI application enabled for ICCW on their mobile devices can also avail themselves of this facility.

“The first public sector bank to launch this service, Bank of Baroda customers as well as customers of other participating issuer banks that use BHIM UPI, bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card,” the BoB said.

How Does It Work?

Instead of swapping the debit card in the ATM, a UPI-enabled ATM allows cardless ATM withdrawal with a QR code scanned by the smartphone UPI app.

Here’s a Step-By-Step Guide For Cash Withdrawal Without a Debit Card At BoB ATMs using UPI:

• Customer Selection: The customer approaches a Bank of Baroda ATM and selects the “UPI Cash Withdrawal” option on the screen.
• Amount Entry: The customer enters the desired withdrawal amount using the ATM keypad.
• QR Code Generation: After confirming the withdrawal amount, the ATM generates a unique QR code specific to the transaction. The QR code is displayed on the ATM screen.
• UPI App Activation: The customer opens a UPI application on their mobile phone that is enabled for ICCW (Issuer Controlled Contactless Withdrawal).
• QR Code Scanning: Using the UPI app, the customer scans the QR code displayed on the ATM screen. The app captures the information encoded in the QR code.
• Authorization Process: Once the QR code is scanned, the UPI app prompts the customer to authorize the transaction. The customer verifies the details displayed on their mobile screen, such as the withdrawal amount and ATM location.
• UPI PIN Entry: To complete the authorization process, the customer enters their UPI PIN on their mobile phone. The UPI PIN serves as a secure authentication method for authorizing the cash withdrawal.
• Transaction Confirmation: Upon successful validation of the UPI PIN, the UPI app sends the authorization confirmation to the Bank of Baroda ATM.
• Cash Dispensation: The ATM verifies the authorization and, upon approval, dispenses the requested cash amount to the customer.
• Transaction Completion: The transaction is considered complete, and the customer can collect their cash and any printed transaction receipts.

Source: Bureau

The post Bank Of Baroda’s New Service Allows Customers To Withdraw Cash Via UPI; Here’s Step-By-Step Guide appeared first on Rma News: Latest News, Live Breaking News, Today News, Political News Updates.

Bank of Baroda’s Latest Fixed Deposits (FDs) Rates For General Investors

For deposits maturing in the next 7 to 45 days, the Bank of Baroda is offering a 3 percent interest rate. A 4.5 percent interest rate will be paid on FDs that mature in 46 to 180 days. FDs maturing between 181 and 210 days will receive a 4.5 percent interest rate from the Bank of Baroda.

Fixed deposits with maturities of 211 days or fewer will receive interest at a rate of 5.75 percent. On Fixe Deposits with maturities between one and two years, the bank will pay an interest rate of 6.75 percent.

On FD tenures of more than two years and up to three years, the bank will provide an interest rate of 7.05 percent. Prior to this period, a 6.75 percent interest rate was offered. On FDs with maturities between three and ten years, the bank offers an interest rate of 6.5 percent.

Bank of Baroda’s Highest FD Rate

The highest interest rate, 7.25 percent, is offered by the Bank of Baroda on the special deposit referred to as the Baroda Tiranga Plus Deposit Scheme for a term of 399 days.

Bank of Baroda’s Latest Fixed Deposits (FDs) Rates For Senior Citizens

The bank gives elderly citizens an interest rate of 3.5 percent on deposits with maturities between 7 and 45 days. A 5 percent interest rate will be paid on FDs that mature in a period of 46 to 180 days.

Interest will be paid on deposits that mature in a period of 181 to 210 days at a rate of 5.75 percent. On deposits maturing in 211 days or fewer, seniors will get interest at a rate of 6.25 percent. On fixed deposits with maturities between one and two years, senior adults are eligible for an interest rate of 7.25 percent.

On deposits with a maturity of two years or longer, the bank will give an interest rate of 7.55 percent. Previously, a 7.25 percent interest rate was available for this term. The bank offers 7.15 percent interest on FDs maturing in three to five years and 7.55 percent interest on FDs maturing in five years or more.

Bank of Baroda gives the highest interest rate of 7.75 percent on the special deposit known as the Baroda Tiranga Plus Deposit Scheme for a duration of 399 days.

Source: Bureau

The post Bank Of Baroda Hikes FD Rates, Now Earn Up To 7.25% appeared first on Rma News: Latest News, Live Breaking News, Today News, Political News Updates.