Banking News

Cash withdrawal limit at POS (Point of Sale) doubles for Tier III to VI centres


On a review of withdrawal through POS, it has been decided by RBI to enhance the cash withdrawal at POS from Rs.1000/- to Rs.2000/- per day in Tier III to VI centres with immediate effect. The cash withdrawal limit of Rs.1000/- per day through POS in Tier I & II centres remain unchanged. As per press note of Reserve Bank dated August 27, 2015, this facility will be available for debit cards and prepaid cards issued only by banks. It is expected that the above facility will not only add to customers’ convenience, it would aid recycling of cash at smaller centres.

The banking regulator advised that customer charges if any, levied on cash withdrawals shall not exceed 1 % of the transaction amount at all centres irrespective of the limit viz.Rs.1000/- or Rs.2000/-. The merchant establishments where the cash withdrawal facility is available (whether the card holder make a purchase or not) should clearly indicate/display the availability of the facility along with the charges if any payable by the card holder. In case the cash is withdrawn along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn.

Withdrawing the cash through designated POS is similar to withdrawal of cash at an ATM. The card holder must swipe their cards at the POS and provide PIN for authentication. Cash will be paid to card- holder after the process of due diligence.

 

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