SBI or State Bank of India, the country's largest bank, offers a magnetic stripe-based card which enables its customers to remit money to a designated beneficiary's account on the lender's network. Called "Green Remit Card", the card facilitates non-home cash deposit transactions routed through Green Channel Counter (GCC) or Cash Deposit Machine (CDM), according to the lender's corporate website, sbi.co.in. The Green Remit Card can also be used by individuals not holding an account with SBI, according to the lender. (Also read: SBI's home loan interest rates to come down from April 10)
Here are key things to know about SBI's Green Remit Card:
Eligibility: Customers need to visit any GCC branch or CDM branch and submit application form along with one ID proof document. Then the card is mapped to the particular beneficiary account, which has to be an SBI account.
Deposit limit: Deposits can made by way of cash only, according to SBI's portal. The limit is Rs. 25,000 per transaction subject to a monthly cap of Rs. 1,00,000.
Service charges: Customers need to pay Rs 20 for SBI's card. However, transaction charges applicable to CDM a Green Channel Counter or Cash Deposit Machine are similar to regular non-home cash deposit transactions at a branch, according to the SBI website.
Here are the steps to send money via SBI's Green Remit Card:
1. A remitter (sender) has to visit any GCC branch or CDM to deposit cash to the predetermined SBI account.
2. When the card is swiped, account particulars are shown on the screen for confirmation.
3. The customer then needs to enter the amount and after cash is collected and verified, acknowledgement is generated, according to the SBI website.
4. The remitter and beneficiary (recipient) will get an SMS immediately on successful completion of the transaction.
5. The account of beneficiary will be updated with the transaction amount along with card number.
Meanwhile, India retained its position as the world's top recipient of remittances with overseas Indians sending a $79 billion back home in 2018, according to a report by the World Bank.