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SBI news updates: The limit for this card is Rs 25,000 per transaction subject to a monthly cap of Rs 1 lakh
State Bank of India is offering a special card to some people who can use it for remitting money to any SBI account but cannot use it for any online or offline purchases as a normal card can do. However, one can send money up to a limit of Rs 25,000 per transaction. It is a green remit card for those people who generally send or receive money regularly from a single or multiple SBI accounts but do not have any SBI account of their own. To encourage paperless banking, SBI has introduced a “Green Remit Card” that is a simple magnetic-stripe card without a PIN that lets you transfer cash to another account through green channel counter or cash deposit machine.
“While normal branch banking transactions take 4 to 5 minutes for completion, a transaction routed through the GCC using green remit card takes less than a minute,” SBI said in a notification.
The card allows you to deposit cash to the designated beneficiary’s SBI account. It is accepted at all green channel counter branches and Cash Deposit Machines.
However, deposits can be made only in cash. The transaction limit is Rs 25,000 per transaction subject to a monthly capacity of Rs 1 lakh.
How does it work?
The remitters can visit any green channel branch or cash deposit machine to deposit cash to the predetermined SBI account. When the card is swiped, account particulars are shown on the screen for confirmation.
The customer is asked to enter amount and after the cash is collected and verified, acknowledgement note gets generated. The remitter and the beneficiary are notified through SMS on successful completion of the transaction.
The SBI account number of the beneficiary is updated with the transaction amount along with the green remit card number.
Who can apply?
Non-SBI customers can visit a branch and submit the application form with valid government ID proof. The card will be mapped to a particular beneficiary’s SBI account, whose account would be credited regularly by the non SBI account holder.
The charge for issuing the card is Rs 20 as per SBI’s website. The card will be printed and issued to the applicant immediately at an SBI branch and ready to use within 24 hours of the issuance of the card.