The retail banking sector in India has been evolving at a fast pace, accommodating growing customer needs. New ways to conduct transactions are being used to save time, increase security and eliminate the need for human interference.
Efforts are also being made to make banking more environmental friendly with the introduction of more paperless ways to conduct business. The State Bank of India has also been making extensive efforts with its focus on 'Green Banking' to change make limited used of paper. To further encourage paperless banking, SBI has introduced a "Green Remit Card" that is a simple Magstripe card without a PIN that lets you transfer cash to another account on the counter.
What is the SBI Green Remit Card?
It is a Magstripe Card without a PIN that is targeted to facilitate Non-Home Cash Deposit Transactions to be routed through Green Channel Counter (GCC)/ Cash Deposit Machine (CDM).
The GCC was launched by SBI back in 2007 to save paper and time resources. These are counters with a Transaction Processing Device (TPD), similar to a PoS machine, that allow customers to perform basic banking transactions like cash withdrawal, cash deposits and funds transfer. It was started to eliminate the need to visit a bank branch and reduce queues at the branches. There is also no need to remember one's account number to perform a transaction like in the traditional way.
According to a notification by SBI, "while normal branch banking transactions take 2 to 4 minutes for completion, a transaction routed through the GCC takes less than a minute."
The Green Remit 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.
- As mentioned before the card can be used to deposit cash to the designated beneficiary's SBI account from all Green Channel Counter Branches and Cash Deposit Machines of SBI.
- Deposits can only be made in cash (in Indian rupees).
- Deposits are limited to Rs 25,000 per transaction subject to a monthly cap of Rs 1 lakh.
- The transaction charges are the same as those applicable on regular non-home cash deposit transactions at a branch.
All SBI customers can apply, "particularly non-account holders, who want to remit money to a SBI bank account at regular intervals" the bank says in its official website.
How to apply for a SBI Green Remit Card?
Customers can visit a GCC branch or CDM branch and submit the application form with valid governmental ID proof. The card will be mapped to a particular beneficiary's SBI account. 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.
How to send money using an SBI Green Remit Card?
- Visit a GCC branch or a CDM.
- Swipe the Green remit card at the machine.
- You should be able to see the account particulars displayed on the screen of the machine.
- Enter the amount to be remitted to a certain SBI account and deposit the exact cash in the machine.
- An acknowledgment note is generated on verification.
- Both the remitter and the beneficiary will get SMSes immediately on successful completion of the transaction.
- The beneficiary's SBI account will be updated with the transaction amount along with Card number.