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POS Limit Means - What is POS Limit in Debit Card

Summary: POS terminals are debit card reading machines available with banks and merchants. It is the same machine that merchants use to accept payments. Learn More!

09 May 2022 by Team FinFIRST
POS limit
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POS terminals are an easy way to withdraw your money. Depending on the city you are in, you can withdraw up to ₹2000


ATM cards have come a long way. You can use them to buy products online, set up periodic payments, and withdraw money. The advancement in cash withdrawal is more startling, though, as you do not even need an ATM to withdraw money. If there is no ATM nearby, you can rush to a nearby merchant with a POS machine and withdraw cash. This article gives an insight into the process.

What are POS terminals?


POS terminals are debit card reading machines available with banks and merchants. It is the same machine that merchants use to accept payments when you are paying using a credit or a debit card. These machines have many functionalities. It is a portal to many bank services for merchants, including loans.

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How does cash withdrawal at POS terminals work?


While many merchants have POS machines, not all merchant terminals have cash withdrawal facility. The facility is only available in terminals that the banks have chosen. In the bank's case, a bank employee handles the POS terminals and guides you through the process.

The staff are trained by the bank and have the authority to let customers withdraw cash using the machine.

What types of cards are allowed?


You can withdraw your money at POS terminals using your debit card or an open system prepaid card. You can also use UPI to withdraw cash. You do not need to purchase anything from the merchant, or the merchant cannot force you to buy something from their establishment for you to avail of this facility.

At POS terminals, money can be withdrawn irrespective of whether you are using the bank's debit card that has issued the POS machine.

What is the POS limit on debit cards?


There is a daily POS limit for cash withdrawals since they are not the primary source of cash withdrawal. In Tier III to VI centres, you can withdraw up to ₹2000 per day. The withdrawal limit is ₹1,000 per day per card at Tier I and II centres. The banks may also levy a charge for the transaction. However, according to the Reserve Bank of India (RBI), it must not exceed 1% of the total transaction amount.

How to withdraw cash from POS terminals?


It is easy to withdraw cash from POS terminals. You need to go to a merchant or a bank with the facility and ask them for the service. The individual operating the machine is trained to carry out the process.

It has similarities to the payment process of a POS machine after you make a purchase. After you have entered your PIN and the purchase is successful, the merchant will give you a receipt. If you have made multiple transactions, a separate receipt can be generated for each transaction. Most modern POS machines can do this seamlessly.

If the transaction was not successful or there is a complaint, you may contact the bank's customer care, and they will offer a solution.

Cash withdrawal from POS is a convenient option to withdraw instantly. Knowing the POS limits will ensure you can budget accordingly, and the transaction will be completed seamless.

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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