New dimension of digital transactions in India:
After the advent of UPI, digital transactions in India have become increasingly popular among the common people. UPI has not only made the payment system simple and convenient, but it has also increased the speed and security of transactions.
But, through UPI you can only send and receive money from a bank account, not deposit cash.
The solution to this problem is Aadhaar Enabled Payment System (AePS).
What is AePS?
AePS is a system developed by NPCI (National Payments Corporation of India) that facilitates Aadhaar card holders to deposit cash in bank account, withdraw money, check balance and transfer funds from Aadhaar to Aadhaar.
This service allows customers to avail the bank’s infrastructure and do doorstep banking, without visiting any bank branch.
Benefits of AePS:
Convenience: Using AePS, you can conduct banking transactions from the comfort of your home.
Security: AePS transactions are secure as it does not require providing bank details.
Ease of Access: To use AePS, you only need your Aadhaar number and biometrics.
Lower Fees: AePS transactions have lower fees.
Time Saving: By using AePS, you can avoid standing in queue at the bank branch.
Who can use AePS?
AePS can be availed only by those Aadhaar holders whose Aadhaar number is linked to the bank account.
How to use AePS?
To use AePS, you need to follow the following steps:
Visit any banking correspondent or CSC center using your Aadhaar number and biometrics.
Select the type of transaction you want to make, such as withdrawing money, depositing, or checking balance.
Enter the required information and complete the transaction.
AePS Transaction Fee:
Fees on AePS transactions vary according to the bank and type of transaction.
