In what can be termed as a gift to its customers, the largest bank in the country, State Bank of India, announced on its foundation day (1st of July) that it has launched a 'Cash Back' for its debit card holders across the country. The offer would hold on all debit cards of the State Bank Group, from July 1 to August 31.
The offer would be valid during this period for customers of State Bank of India and its associate banks if they use their debit cards for making payments of Rs 501 and above. In such a scenario they would get cash back by up to five per cent, the bank said in a press release.
The bank has decided to divide the amount spent into three slabs: between Rs. 501 and Rs. 5001, between Rs. 5001 and Rs. 10,001, and over Rs. 10,001. While, Customers falling in the first slab, i.e. spending amount between Rs 501 to less than Rs 5,001 would get three per cent cash back; those spending between Rs 5,001 to less than Rs 10,001, would get four per cent cash back.
For consumer spending of Rs 10,001 and above, customers would be entitled for five per cent cash back.
However, this offer would not be available on ATM withdrawals and Internet transactions. In other places, this offer would definitely work.
Money will be credited to the customers' account within 4-6 weeks of the end of the campaign. There is also a cap on the maximum amount of cash back that can be offered to a debit card. The maximum amount of cash back during the period of offer would be Rs 1,000 per debit card.
The State Bank Group is the largest debit card issuer in the country with more than 37-million debit card holders.