Underneath the facility of money withdrawal at PoS terminals, cardholders can withdraw money employing their debit cards and open system prepaid cards granted by banking institutions in Asia. But , bank cards can not be utilized under this center.
The Reserve Bank of Asia (RBI), may 5, reiterated the faqs (FAQs) on money withdrawals via debit cards and available system prepaid cards from point of purchase (PoS) terminals. One of many points that are main remember when it comes to withdrawing money at PoS terminal utilizing debit cards is the fact that this center just isn’t offered by all merchants. Further, you can not make use of your bank card to withdraw money from PoS terminals.
Listed below are 10 frequently asked questions about money withdrawal at PoS terminals answered by the RBI .
- Which forms of cards are allowed for withdrawing money at PoS terminals?Under the facility of money withdrawal at PoS terminals, cardholders can withdraw money employing their debit cards and available system prepaid cards given by banking institutions in Asia. Nevertheless, bank cards is not utilized under this center. Cash may also be withdrawn at PoS terminals through Unified re Payments program (UPI) along with through use of electronic cards which can be related to overdraft center provided along side Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.
- Can there be any restriction in the amount of money that may be withdrawn under this center?Yes. A cardholder can withdraw cash up to ?2,000/- per day per card in Tier III to VI centres under this facility. The withdrawal limit is Rs 1,000/- per day per card at Tier I and II centres.
- Which are the prices for availing this facility?Charges, if any, levied on money withdrawals shall perhaps maybe not surpass 1% of this deal quantity.
- Is this center offered at all vendor establishments? Just How am I going to understand in the event that center can be acquired at a merchant pos?no that is particular. The center is created offered at vendor establishments designated because of the acquirer banking institutions (i.e. the banks that deploy the PoS terminals) after a procedure of research. The designated vendor establishments need to plainly indicate / display the availability of the center combined with the fees, if any, payable because of the client.
- Is withdrawal of money utilizing PoS terminals implemented by other banking institutions (in other words. banking institutions apart from my card company) at designated vendor establishments allowed?Yes. Under this center, money is withdrawn from PoS terminal(s) at designated vendor establishment(s), aside from the simple fact if the card provider therefore the bank that is acquiring exact exact same or perhaps not.
- Will it be mandatory when it comes to cardholder to get some goods / service through the merchant establishment for availing this center?No. The center can be obtained regardless of whether the card owner decides to buy something or perhaps not.
- Will a receipt be supplied for the cash withdrawn at PoS terminal?Yes. The vendor is needed to offer a printed receipt created by the PoS terminal. The receipt generated shall separately indicate the amount of cash withdrawn in case the facility is availed along with the purchase of merchandise.
- Where can a grievance according with this center be lodged?The cardholder can lodge s that are grievance( together with his / her card provider. In the event the card company doesn’t react in the time that is stipulated or the reply so received isn’t satisfactory, the cardholder can lodge a problem underneath the Banking Ombudsman Scheme / Ombudsman Scheme for Digital Transactions.
- Does the acquirer bank need any permission through the Reserve Bank of Asia (RBI) for supplying this center at its PoS terminals?No. The acquirer banking institutions (apart from geographic area banking institutions) may, on the basis of the approval of these Board, offer cash withdrawal center at PoS terminals. The geographic area banking institutions shall need the approval of RBI for providing this center.