State Bank of India (SBI) has 4.78 lakh cash Point of Sale (PoS) machines for all customers holding debit cards, as informed by country's largest lender in a tweet on its official handle- @TheOfficialSBI. Currently, SBI is providing cash withdrawal through PoS without any fees or charges to all bank customers. The withdrawal cash limit can go up to Rs 2,000 in Tier 3, Tier 4, Tier 5 and Tier 6 cities while it is limited to Rs 1,000 in Tier 1 and Tier 2 cities per card per day, the tweet further added.
Here are 6 things to know about SBI's cash @POS:
1. Cash@POS is a facility using which debit card holders can withdraw cash by swiping their debit/prepaid cards at SBI PoS terminals at merchant locations.
2. Debit card holders of SBI and all other banks can also withdraw cash from PoS machines installed by SBI across various merchant locations. Currently, the bank is not charging any fees for the same. (Also read: FD Interest Rates: SBI Term Deposits Vs Post Office Term Deposit)
3. PoS machines are installed with various vendors. They are electronic devices used to process card payments at retail locations.
4. SBI has a total of 6.08 lakh PoS machines of which 4.78 lakh are enabled to dispense cash.
5. Cash withdrawal at PoS terminals enables recycling of cash with merchants. For the retailers, it has the effect of depositing cash into their accounts without having to visit the branch.
6. As on December 31, 2017, SBI has a deposit base of Rs. 26.51 lakh crore. It has 32.16 per cent market share in home loans and 35.54 per cent in auto loans. The bank also has 22,584 branches in the country and ATM network of nearly 59,000 ATMs.
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