State Bank Of India (SBI) offers Green Remit Card which is used by customers (remitters), particularly non-account holders, who want to remit money to an SBI bank account at regular intervals, mentioned country’s largest lender on its official website. Green Remit Card facilitates non-home cash deposit transactions routed through Green Channel Counter (GCC) or Cash Deposit Machine (CDM). It is a simple magstripe based card without PIN. People willing to avail services of the Green Remit Card can get it at an SBI branch which issues pre-printed cards instantly to the remitter.
According to a World Bank report published last month, India topped as the highest recipient of remittances globally in 2017, with its diaspora sending back $69 billion.
Here’s all you need to know 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 (receiver) account which has to be an SBI account.
Deposit Limit: Deposit can be made by way of cash only. The transaction limit is Rs. 25,000 per transaction subject to a monthly cap of Rs. 1,00,000.
Service Charges: The Green Remit Card comes at a paltry price of Rs. 20. However, transaction charges in CDM/GCC is applicable to regular non-home cash deposit transactions at branch.
Global remittances are expected to grow 4.6 per cent to $642 billion in 2018. In 2017, remittances to India rose sharply by 9.9 per cent. India was followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion) in 2017’s list of remittance receivers, as reported by PTI.