AEPS FAQs

1. What is AEPS, and how does it work?

AEPS (Aadhaar Enabled Payment System) is a payment service that enables Aadhaar-linked transactions at micro-ATMs. It allows customers to perform basic banking transactions like cash withdrawal, balance inquiry, fund transfer, and more using their Aadhaar number and biometric authentication.

2. What services are available through AEPS at Indian Overseas Bank?

- Indian Overseas Bank's AEPS allows customers to perform services such as cash withdrawal, cash deposit, balance inquiry, mini statement, Aadhaar to Aadhaar fund transfer and Bank account fund transfer.

3. Who can use AEPS services provided by Indian Overseas Bank?

- Any customer having an Aadhaar-linked account with Indian Overseas Bank can use the AEPS services. Both rural and urban customers can benefit from this service.

4. How can I avail of AEPS services from Indian Overseas Bank?

- To avail of AEPS services, visit any Indian Overseas Bank's business correspondent or authorized agent equipped with a micro-ATM. Provide your Aadhaar number and complete biometric authentication to perform transactions.

5. What are the transaction limits for AEPS transactions with Indian Overseas Bank?

- Transaction limits vary depending on the type of transaction and guidelines issued by the RBI/NPCI. Limits as of now are provided in the below table:

6. Is there any fee associated with using AEPS services from Indian Overseas Bank?

- Indian Overseas Bank is not charging any fees from customers for any type of AePS services offered by bank's BC.

7. Can I use AEPS services at any time of the day?

- AEPS services are available round the clock, subject to the availability of the authorized agent equipped with a micro-ATM and network connectivity. You can perform transactions at your convenience, including holidays and weekends.

8. Is it safe to use AEPS services provided by Indian Overseas Bank?

- Yes, AEPS transactions are secure as they require biometric authentication using fingerprint along with Aadhaar authentication. Additionally, Indian Overseas Bank implements stringent security measures to safeguard customer transactions.

9. What should I do if my AEPS transaction fails?

- In case of a failed AEPS transaction, ensure that you've entered the correct Aadhaar number and biometrics. If the issue persists, contact Indian Overseas Bank's customer support for assistance and resolution.

10. Can I perform fund transfer transactions using AEPS?

- Yes, AEPS allows customers to transfer funds from their Aadhaar-linked account to another Aadhaar-linked account (Aadhaar to Aadhaar) using micro-ATMs. Also customer can deposit cash to any IOB bank account through the fund transfer facility available in micro-ATMs.

11. What happens if I forget my Aadhaar number or it's not linked to my account?

- To avail of AEPS services, it's essential to have your Aadhaar number linked to your bank account. If you forget your Aadhaar number or it's not linked, visit your nearest Indian Overseas Bank branch to update your Aadhaar details.

12. Is there a daily transaction limit for AEPS services?

- Yes, there are daily transaction limits imposed by Indian Overseas Bank and regulated by the RBI/NPCI. These limits may vary depending on the type of transaction. Daily limits as of now is provided in the below table:

13.  Can I use AEPS services if my mobile number is not linked to my Aadhaar?

- While having your mobile number linked to Aadhaar enhances security and convenience, it's not mandatory for using AEPS services. However, having a registered mobile number ensures you receive transaction alerts and updates.

14. What is the process for checking my bank account balance using AEPS?

- To check your bank account balance using AEPS, visit authorized agent equipped with a micro-ATM, select the "Balance Inquiry" option, enter your Aadhaar number, and complete biometric authentication. The micro-ATM will display your account balance.

15. Can I perform Aadhaar-based cash withdrawals from Indian Overseas Bank accounts at other bank micro-ATMs?

- Yes, interoperability allows customers to perform AEPS transactions across different banks' micro-ATMs. You can withdraw cash from your Indian Overseas Bank account at any bank's micro-ATM supporting AEPS.

16. Where can I access AEPS services?

- AEPS services can be accessed through its authorized agent equipped with a micro-ATM, business correspondents (BCs) across various locations such as bank branches, banking correspondent outlets, and business centers.

17. How do I use AEPS for cash withdrawal?

- To withdraw cash using AEPS, visit a authorized agent equipped with a micro-ATM enabled with AEPS, select the 'Withdrawal' option, enter your Aadhaar number, enter the withdrawal amount, verify your identity through fingerprint authentication, and confirm the transaction and confirm the transaction and collect cash from BC.

18. Can I check my account balance using AEPS?

- Yes, you can check your account balance using AEPS. Simply visit a micro-ATM enabled with AEPS or Business Correspondence with Hand Held Device / Tablet , select the 'Balance Inquiry' option, enter your Aadhaar number, verify your identity through fingerprint authentication, and your account balance will be displayed on the screen.

19. Is it safe to use AEPS for banking transactions?

- Yes, AEPS transactions are secure as they require biometric authentication (fingerprint) along with Aadhaar verification. However, it's essential to keep your Aadhaar details confidential and not share them with anyone to prevent unauthorized access to your account.

20. What should I do if I face any issues with an AEPS transaction?

- If you encounter any issues with an AEPS transaction, such as failed transactions or discrepancies in account balances, you should immediately contact Indian Overseas Bank's customer support for assistance. Provide details of the transaction for quick resolution.