What is the Full Form of AEPS?

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What is the Full Form of AEPS?
What is the Full Form of AEPS?

The full form of AEPS is Aadhaar Enabled Payment System. AEPS (Aadhaar Enabled Payment System.is a payment service which enables a bank customer to utilise Aadhaar as his/her identity to access his/her Aadhaar enabled bank account. It allows the customer to perform basic transactions such as cash withdrawal, balance enquiry, remittances through a Business Correspondent.

What are the services available under AEPS?

Here are the services that are available under AEPS:

  1. Balance Enquiry
  2. Cash Withdrawal
  3. Aadhaar to Aadhaar Fund Transfer
  4. Mini Statement

Also Read: Full Form of PTM

What is the eligibility criteria for availing the benefits of AEPS?

The customers seeking to avail AEPS need to meet the following criteria:

  1. They must have a bank account with a bank participating in AEPS. 
  2. Their Aadhaar should be linked to their bank account with another bank. 
  3. It should be noted that the transaction is completed via the customer’s biometric authentication only. 

Also Read: Full form of LIC

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