How can you use AEPS?
Step 1: Visit a micro ATM that is nearby or a banking correspondent
Step 2: Provide your Aadhar number and the bank account number that is linked to Aadhar.
Step 3: Among the various options provided, choose the type of transaction that you want to perform
Step 4: Confirm the payment by providing verification through a fingerprint scan and iris scan.
Step 5: Collect your receipt for the transaction that you have made.
Services provided by AEPS
- Cash Deposit
- Payment Transactions (C2B, C2G Transactions)
- Balance Enquiry
- Cash Withdrawal
- Aadhaar to Aadhaar funds transfer
- Obtain mini statement
What do you need for AEPS?
- Aadhaar Number
- Bio-metrics –Fingerprint
- Name or Bank IIN or Issuer Identification Number
- Micro ATM
- Assisted mode
Charges for AEPS
- UIDAI charge a very less fee
- NPCI charge 15 paise to 25 paise for settlement of the transaction
- Banks may charge till 1% of the particular transaction with the minimum charges being INR 5 and the maximum is INR 15
Benefits of AEPS
- Very easy to use and handle
- The method of payment is safe and protected
- It offers interoperability across various banks
- It boosts financial inclusion and helps people who belong to the underprivileged part of the society
- Using AEPS, the account holders in a bank can access their bank accounts just with the Aadhar authentication.
- With AEPS the only prerequisite that is needed to initiate a transaction is the Aadhar number and biometric information of the respective candidate.
- This system eases the payment of various government schemes such as the Social Security Pension, NREGA Handicapped Old Age Pension, etc.