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RBI Increases Limit For Cash Withdrawal At POS
The Reserve Bank of India (RBI) on Thursday increased the limit for cash withdrawal at Point of sale (POS) from Rs 1000/- to Rs 2000/- per day in Tier III to VI centres.
While, the per-day limit in Tier I and II centres remains unchanged.
This is applicable to debit cards and open system prepaid cards issued by banks in India.
Customer charges, if any, levied on cash withdrawals shall not exceed 1% of the transaction amount at all centres irrespective of the limit of Rs 1000 / Rs 2000, the RBI said in the notification.
The facility is available irrespective of whether the card holder makes a purchase or not. In case the facility is availed along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn, added further.
Card issuing banks that have enabled this functionality may create sufficient awareness of this facility amongst their customers.
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