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Cash withdrawal allowed up to Rs. 1,000/day via prepaid card

Currently, this facility was available only to debit cards issued by banks

September 06, 2013 12:43 IST | India Infoline News Service
The Reserve Bank of India has allowed cash withdrawals of up to Rs 1,000 a day through prepaid cards, including gift cards, issued by banks from point of sale terminals.

The objective is to enhance customer convenience in using plastic money.

Currently, this facility was available only to debit cards issued by banks.

It has been decided that the facility of cash withdrawal at POS with debit cards may be extended to such open system prepaid payment instruments issued by banks in India, RBI said in a notification on Thursday.

The limit of cash withdrawal will remain Rs.1000/- per day as applicable to debit cards, it added.

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