AEPS what is it, you may have heard that Aadhaar card can withdraw money from anyone and will go around your house and fetch money from Aadhaar card, balance check, finally, balance check cash withdrawal or cash deposit from Aadhar card Will be done with The person behind it is called AEPS.
Right now in the rural areas in our country, the India Bank number is very less. The branch of the bank is presently in the district headquarters or urban areas. Residents of rural areas have great difficulty opening their account or withdrawing or depositing funds. But in view of all these problems, our government decides to introduce an Aadhaar enabled payment system by which any person can approach the house and deposit their remaining inquiries or cash withdrawals or cash. This service became very famous, citizens of rural areas get service near their home, which made them very easy.
What is AEPS?
AEPS is Aadhaar enabled payment system, through which banking transactions can be done easily. NPCI (National Payment Corporation of India) has made its main objective in rural areas where the bank does not have a presence, it has to provide banking facilities there.
The introduction of this service in rural areas has made banking transactions and transactions in all small parts of banking very easy. Now any rural person gets banking facilities in his village in the vicinity of his house.
AEPS full form in banking
AEPS Full Form – Aadhar Enabled Payment System It happens.
A – Aadhaar (base)
E – Enabled (Enabled)
P – Payment
S – System
This means that if Aadhaar card is linked in your account, then you can easily withdraw money, deposit it and check the balance.
Services Offered by AEPS | What facilities are available in Aadhar Enabled Payment System
Aadhaar Enabled Payment System The following facilities related to banking are provided to the customers in
- Cash Withdrawal (Cash Withdrawal)
- Cash Deposit
- Balance Inquiry
- Aadhaar to Aadhaar Fund Transfer (Aadhaar to Aadhaar Fund Transfer)
- Mini Statement
Benefits of Aadhaar Enabled Payment System
AEPS It gives the following advantages. Which is proving to be a boon for our rural customers. AEPS In the village, all the baking facilities are available near the house: –
- Customers will get this facility in the village sitting at home
- It does not require a passbook ATM card PIN. It does not require a passbook ATM card PIN.
- Banking Correspondent Through this you can do financial and non-financial transactions.
- Of any bank BC Transactions of any bank can be done.
- This is Fast and Secure.
- now AEPS There is no charge on the transaction.
- On transfer from Aadhaar enabled payment system Charge Free Is
- There is also no need to fill the signature and slip. Transaction possible without signing And there is no need to fill the slip
- Transaction facility with Aadhaar number and fingerprint
- BF Micro POS Machines can be easily moved anywhere and can provide banking facilities. BC micro POS machines can be easily carried anywhere and provide banking facilities.
Things required to transact with AEPS
The following things are required for AEPS procurement.
- Aadhaar Number
- Account Holder’s Fingerprint (Account Holder Biometric Authentication)
- Bank Name Or IIN (Issuer Identification Number)
- Bank friend AEPS Operator
- Micro ATM/POS Machine with Biometric Device
- The transaction can be done from Morpho device by login ID password in mobile phone also. The transaction can be done from Morpho device by login ID password in mobile phone also.
How Aadhaar Enabled Payment System Works | How AEPS works
Now we know that you can inquire about Aadhaar card balance and withdraw money from your account but how does it work? First of all, you should have your Aadhaar card link in the bank so that you have to do a balance check. Only then you can time an AIPS transaction when you are asked to place your finger by writing your Aadhaar number, your finger is captured by the UIDAI Tales Bank regarding the authenticity of the user. Once, when the UIDAI user pays the authenticated tax, the bank gives it to transact. Remember that when you made the Aadhaar card, you must have given 10 fingerprints on the machine at that time.
App translation is successful, consisting of the following 6 entities: –
- Bank customer
- BC – AEPS facilitator
- Bank of BC – Bank to which Banking correspondent is attached.
- Your bank – the bank that has your bank account.
- NPCI – It does the conversion, clearing and settlement of transactions.
- UIDAI – for authentication of fingerprints.
AEPS transaction limit
AEPS Following is the limit to withdraw money from Aadhaar Card: – Minimum ₹ in 1 day100 The maximum ₹10000 Can be removed from the account. Earlier, every account used to withdraw more money from the Aadhaar card, but now the bank has imposed many rules such as your account in 1 month. 4 transaction Can do. There are some banks that withdraw ₹ 20000 in 1 day.
Best AEPS Service Provider Company list in India
Following are the companies providing the best IPS service in India: –
- Digipay (from CSC)
- Spice money
- Fino payment Bank
- Yes Bank
- RBL Bank
AEPS usage charges
At present, no charge is taken on deposit inquiry withdrawing cash from Aadhaar card. It absolutely 100% Free The future depends on whether or not the government takes charge of it. But now or absolutely free, you can easily transact, there is no need to pay any charge.
What are the benefits of a business correspondent running an AEPS?
Bank is paid an attractive commission on every transaction with Aadhaar card. So that it can do banking work smoothly in rural areas and provide convenience to citizens. BC The return of commission depends on their transaction, if the amount is less then commission gets less and more money is spent. People are paid commissions so no AEPS operator can ask for money from the transaction or it can be done. Because AEPS transaction is 100% free but there is no charge on this transaction.
And read some important information: –
I hope that all your queries related to AEPS were answered in this post. Nevertheless, if he has missed any topic, then tell me in the comment, I will definitely try to add it. Thank you