KIOSK Banking

KIOSK Banking

The Bank’s initiative of the KIOSK Banking allows customers to undertake different banking transactions without the need for visiting a Bank Branch. Kiosk Banking is basically a service offered by several banks, wherein the people do not have to actually visit the branch in order to do a variety of transactions. This is so because the customer can easily open an account in the bank and operate from any of the nearest Kiosk Banking outlet itself in a hassle-free manner. It is primarily introduced by the Govt. of India as an important concept for boosting financial inclusion, particularly in the rural areas where the customer outreach is not that good and also, the people are uneducated requiring one-on-one assistance.

Having partnered Banks, TCFS India delivers mainstream financial services to the mass bank-excluded Indian public using remote-biometric enabled secure technology through kiosk banking. Customers may open bank accounts and do all types of bank related transactions at SBI Kiosk Banking outlet or Bank of Baroda Kiosk Banking outlet or IDBI kiosk Banking outlet. These outlets are able to offer end to end functionalities with the process of account opening or any online transaction and there are banks who also offer online kiosk banking at ease. There are a number of advantages of having kiosk online, but these are mainly for the more educated lot to access all services at just a click. Also, the operations through these outlets are absolutely safe and reliable as they are bio-metrically secured and also, a printed acknowledgement for every transaction is given to the respective customer.

The varied banking activities that one can avail through the Kiosk financial services bouquet include the following:

• Account Opening
• Cash Withdrawal
• Cash Deposit
• Money Transfer

How Kiosk Banking Works?

Any retailer is free to open a no-frills account in a bank for any customer by recording the fingerprint details and capturing a customer’s photograph. All the details along with the other documents are then forwarded to the affiliated bank branches to conduct the further know-your-customer process. When the account is up and running, the customer is enabled to either withdraw, deposit or remit an amount of maximum Rs 10,000 each day via the internet-enabled kiosk branch.

Benefits to Customers

   Kiosk banking service brings a host of unique benefits for all customers, as mentioned below.

• Banking facility nearer to customer location
• Skip the long queues at bank branches
• Avail basic banking services without visiting bank branches
• Convenient to use kiosk machines and other facilities
• Enhanced and safe banking experience
• Hassle-free money transfer, withdrawals and deposits
• Long banking hours, outlets accessible as long as they are open.
• Open no-frills account without minimum balance or charges levied
• Maintain maximum balance of Rs 50000
• Get account converted to regular bank account if balance exceeds above value
• Carry out transactions of maximum Rs 10,000 per day
• Safety assured as only concerned account holders can do the cash transactions
• Avail facility for savings like term deposit, recurring deposit
• Avail general purpose Credit Card, Kisan Credit Card
• Avail home loans or loan against property
• o Avail auto loans, gold loans, Small & Medium Enterprise (SME) loans
• o Avail Accident Insurance Policy worth Rs 10,000 for every customer
• o Make small saving separately through RD remittance facility
• Promote business opportunity through SHG (Self Help Group)
• Access to money withdrawal through ATM card for customers aged above 18 years
• Avail option of Mutual fund on referral basis

Kiosk banking offers the following services:

• Opening of "No-Frill Savings Accounts" through kiosk banking modules
• Deposit and withdrawal of cash in savings accounts
• Opening of Term-Deposit, Recurring Deposit and SHG Accounts
• Cash withdrawal through Micro ATM & AEPS
• Money transfers to any bank account
• Aadhaar enabled deposits and withdrawals
• DBT enabled facility in accounts
• Loan lead generation and repayments
• Home Loans and Loans Against Proper