Cash@POS facility enables cash withdrawal at Indian Bank’s Point of Sale (POS) terminals using any Bank’s Debit or Prepaid Cards at different merchant establishments in order to allow more cash points and for greater customer convenience. The salient features are as follows:
- Cash at POS facility is available only against Debit card or Pre-paid card issued in India by any Bank.
- The minimum amount of withdrawal per day per card will be Rs.100/- and thereafter in multiples of Rs.100/- subject to maximum of Rs.2000/- Maximum no.of transactions per day per card is 3 and maximum amount per day per card is Rs.2000.
- No charges will be collected from the Card holder for cash withdrawal by merchant
- An incentive at 0.50% of the transaction amount with a minimum of Re.1/- and a maximum of Rs. 5/- on each successful cash transaction will be paid to the merchant. The amount is inclusive of GST.
Advantages for cardholder:
- Rolling out the facility will allow more cash points and greater customer convenience.
- Safe and convenient way to obtain cash.
- No service charges to be paid to merchant for cash withdrawal
- No need to travel/search for ATM
Advantages to Merchant:
- Reduces cost of cash handling
- Increased customer footfall
- Potential source of revenue to the merchant.
- Enhanced Cash Management (Re-circulate cash)
- Avoid cash transit risk
To avail the facility, contact your nearest Indian Bank Branch.
( Last modified on Aug 21, 2019 at 04:08:49 PM )