Explanation: YONO is a mobile banking application provided by State Bank of India (SBI) that allows users to perform various banking transactions, including cash withdrawals from ATMs. The application is designed to provide a convenient and secure way for customers to manage their finances on the go. One of the key features of YONO is the ability to withdraw cash from ATMs using the mobile app.
The maximum withdrawal amount through YONO cash from an ATM is a crucial aspect of the service, as it directly affects the convenience and utility of the application for users. The limit is set by SBI to ensure that the service remains secure and that ATMs have sufficient cash reserves to meet the demands of all users.
The maximum withdrawal amount through YONO cash from an ATM is 20,000 INR per transaction. This limit is designed to balance the need for convenience with the need for security. It allows users to withdraw a significant amount of cash in a single transaction, which is useful for various financial needs, while also preventing potential misuse or fraud.
It is important to note that the maximum withdrawal amount is different from the daily withdrawal limit, which is the total amount that can be withdrawn in a single day. The daily withdrawal limit is typically higher than the per-transaction limit and is also set by the bank to manage cash flow and ensure security.
Understanding the maximum withdrawal amount through YONO cash from an ATM is essential for users of the application, as it helps them plan their transactions effectively and avoid any inconvenience due to exceeding the limit. It is also important for students preparing for competitive exams, as questions related to banking services and transaction limits are common in such exams.
In summary, the maximum withdrawal amount through YONO cash from an ATM is 20,000 INR per transaction, as set by State Bank of India. This limit is designed to provide a balance between convenience and security, ensuring that users can withdraw a significant amount of cash in a single transaction while also managing the cash reserves in ATMs.