Aeps Full Form in Banking : Namaste friends! Today we are going to talk about a system which not only makes our life easier but is also very important for those who do not have access to banking facilities. Its name is AEPS, i.e. Aadhaar Enabled Payment System. You must have heard its name, but today we will understand what AEPS is, what are its advantages and disadvantages, and how it can be started or stopped.
What is AePS in Banking
AEPS is a digital payment system that works through Aadhaar number. Using this system, you can withdraw money from your bank account, make a deposit, or send it to someone without an ATM card, cheque or mobile phone. It is only necessary that your Aadhaar number is linked to the bank account.
This system is especially beneficial for those people who live in remote areas where there is no bank facility. This system works securely through Aadhaar biometric authentication.
What are the Advantage/benefits of AePS
Now let’s talk about the benefits of AEPS:
- Banking to every home: Banking facilities have reached those people who did not have the facility of a bank earlier.
- Support to Cashless Economy: You can make transactions even without cash.
- No need for ATM: You can withdraw money without an ATM card.
- Fast & Secure Transactions: This system is secure due to biometric authentication.
- No Minimum Balance Problem: It can be used even for the smallest amount.
So AEPS is a common man’s own bank which provides him banking facility while sitting at home.
What Are the Disadvantage of AePS
Every system has some advantages and some challenges. It is also important to understand the disadvantages and problems of AEPS:
- Biometric Errors: If someone’s fingerprint does not match or the machine malfunctions, the transaction fails.
- Possibility of Fraud: Wrong people can commit fraud by misusing Aadhaar details if you do not keep your details secure.
- Dependence on Agents: In many places, people have to depend on agents who sometimes charge extra.
- Network Issues: In rural areas, sometimes transactions fail due to internet connectivity.
Therefore, it is important for us to take care of these things and keep our Aadhaar and banking details safe.
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How to Enable/Disbale AePS Service in Bank
If you want to activate or deactivate AEPS, then follow these steps:
To activate/Enable AEPS: Go to your bank branch and link your Aadhaar number to your bank account. You will have to fill a form in the bank and your AEPS will be activated.
To deactivate/Disable AEPS: If you want to deactivate your AEPS, then also you have to go to the bank branch and give a request. This process is easy and is completed in 1-2 days.
You can also know about its status through online banking or customer care.
So friends, this was a short information filled journey about AEPS (Aeps full form & all about in Banking(. AEPS is a powerful tool which makes our banking easy and accessible, but it is important to use it wisely. If you have any question in your mind or you want to share your experience, then don’t forget to write in the comment section.
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AePS FAQs:
Yes, Aadhaar number must be linked to the bank account to use the apps.
No, AEPS is used for basic banking services like cash withdrawal, deposit, balance enquiry and fund transfer.
Yes, stable internet connection is required for biometric authentication and transaction processing.
It is quite secure due to biometric authentication, but you have to keep your Aadhaar and banking details secure.
This limit depends on the bank and agent. Contact your bank for more information.