What is AEPS ?

Aadhaar Enabled Payment System (AEPS) was launched to empower bank customers to use their Aadhaar as his/her identity to access their Aadhaar-enabled bank account. Using AEPS services the bank account holder can perform basic banking transactions like cash deposits, cash withdrawals, Intrabank or interbank fund transfers, balance inquiries, obtain a mini statement, etc.

You need to seed your account with your Aadhaar number at the bank or with the help of a banking correspondent to do transactions using AEPS. AEPS allows bank-to-bank transactions at PoS (MicroATM).

Uses

The user can perform the following using aeps service:

• Account balance check
• Aadhar to Aadhar fund transfer
• Cash withdrawal
• Cash deposit
• Purchase at fair-price shops with AEPS Benefits

Benefits

Aadhaar Enabled Payment System is a way to get money from a bank account, and it has the following merits:

• The account holder can do the financial and non-financial transactions through the banking correspondent.
• A banking correspondent of any bank can do the specified transaction of any bank.
• You don’t need to have a signature or debit card.
• It is secured because no one else can forge your fingerprint.
• Banking correspondents can reach distant rural places with the micro POS.

Key steps for AEPS transaction

• Walk into a micro-ATM or the banking correspondent.
•  Provide your bank name and Aadhaar card number.
• Choose which transaction you need to do and complete the transaction.
• On successful transactions, you will get a print slip.
•  Provide the fingerprint on the scanner

FAQ