AEPS is system of financial transaction thru Aadhar Authentication.
Financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank.
How to get it: Provide KYC (Know Your Customer) information to open a new account. Aadhaar Number should be linked with bank a/c
Service Activation: 1-2 minutes post Aadhaar seeding
What is required for Transaction:
- Remember Aadhaar
- Give Bank name
- Present self (Aadhaar holder) with Bio-metrics (Finger and/or IRIS)
- Assisted mode
Transaction Cost: NIL to customer. The transaction costs are based on available information and may vary based on banks.
- Balance Enquiry
- Cash Withdrawal
- Cash Deposit
- Aadhaar to Aadhaar funds transfer
- Payment Transactions (C2B, C2G Transactions)
Funds Transfer limit:
Banks define limit. No limit for RBI.