Cash Crunch : SBI initiates PoS way for cash withdrawal

Country’s largest lender State Bank of India is providing facilities of cash through ‘Cash@POS’ initiative to reach out and facilitate maximum number of people looking for convenient cash withdrawal.

Debit card holders of SBI and all other banks can withdraw cash from PoS machines installed by SBI across various merchant locations, a statement from the SBI said.

As per the RBI guidelines customer can withdraw Rs 1000 in Tier I and Tier II cities whereas Rs. 2000 can be withdrawn in Tier 3 to Tier 6 cities per day per card. Presently, the bank will not be charging any fees, it added.

SBI has a total of 6.08 lakh PoS machines of which 4.78 lakh PoS machines are enabled to dispense cash to the customers of SBI and the banks who have enabled this facility for their customers.

 

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