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Today, SBI issued a regulation about SBI cash advance. The cash advance scheme is meant for people with a limited amount of income or bad credit history who wish to take a loan from SBI. However, one cannot withdraw money under the scheme without the consent of the applicant. Here are some important tips to know about SBI cash advance scheme.
What are SBI's cash advance restrictions? Today, SBI introduced limit on cash advance transactions. The limit is effective till 31st September, 2021, SBI said in a news release. Also, no cash withdrawals from third party accounts via debit card or cash advance forms would be permitted to SBI clients, the company added. New SBI cash advance limits with both check and debit card at non -personal branch.
Are there any SBI debit card users who can withdraw money without using cheque? Yes, there are. Only certain rules are applied to SBI debit card users. The withdrawal cannot be done using cheque only, you may have to use the ATM for it. Also, the money can not be withdrawn if you are using cheques or drafts from SBI.
How is a SBI debit card different from a credit card? In a word, both these cards allow the user to withdraw cash from their ATM as well as other options such as online and ATMs. However, they differ on the basis of the SBI emblem on the cardholder's ID. A credit cardholder has a unique emblem while a debit cardholder receives an emblem along with the information about the account on the back of the cardholder's card.
There are certain rules that cardholders should follow to benefit from SBI cash advance limit. According to these rules, cardholders are not supposed to withdraw more money than what they already have in their bank accounts. They should also not cash withdrawals during the working hours of the bank. If a cardholder fails to comply with the terms and conditions of SBI, some of the penalties apply like blocking the card, suspension of card privileges, cancellation of cards, and fine.
The whole concept of SBI cash advance is meant to encourage borrowers to make repayments in time. However, this does not mean that cardholders should just depend on their credit cards for cash inflows. Proper money management will always be the main factor to avoid the pitfalls of over-spending. A credit card user can cash his or her account using a debit card and SBI cash advance limit helps a borrower to overcome his or her financial difficulties.