The Green Remit Card offered by the State Bank of India, introduced as a part of its thrust towards paperless banking, is a simple Magstripe based card without any PIN. This card can be used by even non-account holders wanting to remit money at regular intervals to a beneficiary SBI bank account. "The product is targeted to facilitate non-home cash deposit transactions to be routed through Green Channel Counter (GCC)/ Cash Deposit Machine (CDM)," the country's largest lender said in its website.
The GCC facility, launched in 2010 before net banking took off, is a counter manned by a Teller where a Transaction Processing Device(TPD)- similar to a Point of Sale machine- is attached to the terminal and customers can make cash deposits/withdrawals as well as transfer funds. The idea was to eliminate paperwork as well as queues while upping the convenience factor- GCCs do away with the need for customers to remember 11-digit account numbers or carry a passbook and fill in pay in slips, withdrawal forms et al.
The remit card can be used to deposit cash to the designated beneficiary's SBI account. As per SBI, the card is accepted at all GCC branches and cash deposit machines. However, deposits can be made only in cash. The transaction limit is Rs 25,000 per transaction subject to a monthly capacity of Rs 1 lakh.
Here's what you need to keep in mind while making transactions through GRC:
1. The remitters can 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 is asked to enter amount and after the cash is collected and verified, acknowledgement note gets generated.4. The remitter and the beneficiary are notified through SMS on successful completion of the transaction.
5. The SBI account number of the beneficiary is updated with the transaction amount along with the card number.
(Edited by: Nehal Solanki)