SBI and its associate bank customers get cash back offer on debit card

Country’s largest bank State Bank of India launched a ‘Cash Back’ offer for its Debit card holders through out the country. The scheme has been launched from 1st July to 31st August 2008. During the campaign period customers of State Bank of India and its Associate bank customers who use their debit cards for making payments for Rs 501/- or above will be eligible to get cash back up to 5% as under.

Bank sources clarified the cash back scheme is not applicable on ATM withdrawals and Internet transactions and the amount will be credited to customers' accounts within 4-6 weeks of the end of the campaign. The maximum amount limit of cash back during the period of offer will be Rs.1000/- per debit card.

State Bank Group is largest debit card issuer in the country having more than 37 million Debit Card holders across the country, who have access to more than 8500 ATMs of the Bank and about 9000 additional ATMs of 13 other banks under bilateral sharing arrangements.

In addition to cash withdrawals and other utilities like fund transfer, donations, mobile top up, payment of fees, etc., State Bank customers gets the facility to use their debit cards to pay for purchases, restaurant bills, hotel bills, airline tickets, etc. Using Debit Cards for payment for goods and services is more convenient than writing cheques and safer than carrying cash. In credit card people tend to spend more but in case of debit cards users have greater control over their expenses with no chance of overspending. On debit card there is no chance of penalty and interest charges for late payment.