SBI launches Cash back on debit Card

Started by sajiv, Aug 16, 2008, 03:23 PM

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In Mumbai Largest debit card issuer in the country, the State Bank Group today announced a cash back scheme for its debit card holders for a month, from July one.

During the period, SBI debit card holders
would get cash up, ranging between three to five per cent, on the amount they had spent beyond Rs 501 using the debit card, according to a Bank release here today. The State Bank group had over 37 million Debit Card holders, who have access to more than 8500 ATMs of the Bank and about 9,000 additional ATMs of 13 other banks under bilateral sharing arrangements.

For an expenditure of Rs 501 to Rs 5,001, the debit card holders would have a three per cent cash back, the percentage would be four per cent for the amount between Rs 5,001 and Rs 10,000 and five percent for expenditure beyond Rs 10,001. Cash back, however, will not be available on ATM withdrawals and Internet transactions and will be credited to customers' accounts within four-six weeks of the end of the campaign. The maximum amount of cash back during the period of offer will be Rs 1000 per debit card.

Besides cash withdrawals and other utilities like fund transfer, donations, mobile top up and payment of fees, State Bank customers could also use their debit cards to pay for purchases, restaurant bills, hotel bills, airline tickets and other purposes.Using Debit Cards for payment for goods and services is easier than writing cheques and safer than carrying cash.