Want cash, but PoS terminals have confused you? Fret not, here is how to do withdrawals via debit cards and more

Do you know that you can withdraw cash at the PoS Terminals or Point of Sale Terminals? Want to know which types of cards are allowed for withdrawing cash at PoS terminals and whether there is a limit on the amount of cash that can be withdrawn there? Well, then know that the facility has been provided by the Reserve Bank of India (RBI), but there are certain rules that govern this. Read this space to know more.

Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by the banks in India. You cannot use credit cards to use this facility.

Cash can also be withdrawn at PoS terminals through Unified Payments Interface (UPI) as well as through use of electronic cards that are linked with overdraft facility provided along with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.

Under this facility, cash can be withdrawn from PoS terminals at designated merchant establishment irrespective of the fact whether the card issuer and the acquiring bank are same or not.

Withdrawal Limit: There is a withdrawal limit at the PoS Terminals. Under this facility, a cardholder can withdraw cash up to Rs 2000 per day per card in Tier III to VI centres. At Tier I and II centres, the withdrawal limit is Rs 1,000 per day per card. The information is available on the RBI website.

Charges for availing this facility:
If there are any charges levied on cash withdrawals, they shall not exceed 1 per cent of the transaction amount.

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But this facility may not be available at all merchant establishments. The facility is made available at merchant establishments designated by the acquirer banks (i.e. the banks that deploy the PoS terminals) after a process of due diligence. The designated merchant establishments have to clearly indicate/display the availability of this facility along with the charges, if any, payable by the customer.