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How to Draw Cash with Debit Card at a POS?

The idea of getting cash at point of sale terminal (POS) has been happening where the vendor pays cash and takes upto 2% of the cash being dispensed to the individual. However it is fraught with risk lest the card is a stolen one. However now State Bank of India has come up with an innovative idea where you can get upto Rs 1000 by using your debit card at any point of sale terminal. This innovation comes at the behest of Reserve Bank of India which had mooted the idea 2 years ago under the financial inclusion scheme. This can be a cash generating scheme for SBI as it has 14 cr debit card holders and nearly 1 lakh point of sale terminals.

How Debit Card become an ATM?

  • Limit of transaction is Rs 1000
  • Charge is Rs 7.5 per transaction
  • Splitting of charges : A trader will be paid Rs 5 per transaction. 
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