In today's fast-paced world, finding time to go to a bank or ATM to withdraw cash can be a problem, especially in cases where you need cash immediately
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To cater to this need, India Post Payments Bank has started a service where the local postman delivers cash at home
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It is given through Aadhaar Enabled Payment System (AePS) that allows you to use your Aadhaar-linked account for basic transactions
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These include 6 types of transactions such as cash withdrawals and balance enquiries without physically visiting a bank branch or ATM
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India Post Payments Bank even made the announcement on its X handle, encouraging users to read FAQs about the service
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AePS is a bank led model that allows online interoperable financial inclusion through business correspondent of any bank using Aadhaar authentication
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To use AePS, you need a bank account in which biometric authentication is enabled and your Aadhaar must be linked to the bank
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If you have multiple accounts within the same bank linked to Aadhaar, AePS services will work with only the primary account
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The RBI has set no limit for transactions made through AePS
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However, some banks have established a daily limit of a maximum of Rs 50,000 on total transactions