SBI TRANSFER CASH -State Bank of India – Send Cash in a Flash

Today morning, while browsing through the morning newspaper, saw an attractive advertisement of State Bank of India’s advertisement.

The heading says it all - SEND CASH IN A FLASH –

SBI has opted for the ‘MasterCard® MoneySend™ CardtoCard ‘,service to offer this Electronic Funds transfer facility to all State Bank Group account holders.

Highlights:

1. The transfer is instant.
2. Upto Rs15,000/- can be transferred in a single transaction.
3. Upto Rs30,000/- can be transferred per day.
4. Upto two transactions can be done per day.
5. The service charges are NIL
6. The service is available at 26,000+ ATM’s of State Bank Group all over India.

The process flow is as under:

1. Customer to swipe debit card and select transfer option.
2. Customer to enter his/her PIN
3. Customer to select card to card option.
4. Customer to enter beneficiary SBI debit card number
5. Customer to enter the amount to be transferred.
6. The transaction is complete.
7. Sending customer and Receiving customer receive SMS messages, if they have opted for SMS alerts.
8. The Receiving customer can withdraw Cash from ATM or pay for Purchases via POS Terminals at Merchant Establishments.

Adding FreedomRewardz points to ‘SBI TRANSFER CASH’, would be a additional motivator to State Bank Group customers to experience the power of ‘Cash in a Flash’.

Safety Tips:

1. Your Debit Card should always be with you.
2. Your PIN Number should always be with you.
3. Subscribe for SMS Alerts.
4. Register your email id, for Bank Alerts.

State Bank Group, Axis Bank, IDBI Bank and Punjab National Banks have currently opted for both the’ Money Send’ options i.e Send Money and Receive Money, via the State Bank Group ATM’s.

ABN AMRO,Andhra Bank,Axis Bank,Bank of Baroda, Canara Bank,Central Bank of India,Citibank (Credit Only), Deutsche Bank,HDFC Bank,HSBC,ICICI Bank (Debit Only),IDBI Bank,ING Vysya Bank,J&K Bank,Punjab National Bank,SBI GE Cards,South Indian Bank, Vijaya Bank and Yes Bank, have opted for ‘MoneySend’, ‘receive funds’, facility only.  

Syndicate Bank – SMS Alerts - Charges

Syndicate Bank – SMS Alerts - Charges

Syndicate Bank has decided to charge its customers for SMS alerts, w.e.f 01/07/2010.

The charges are applicable both to the new customers as well as the existing customers.

The relevant link is accessible @ http://www.syndicatebank.in/scripts/editnews.aspx?id=101

Syndicate Bank via its web notice has requested the existing customers, to contact their Base Branch for full details.

Hence customers would not be able to know the details vide Phone Banking or Web or any other medium.

Of course, it would have been nice, if the charges were displayed on Syndicate Bank’s website.

This would have facilitated its customers to take a informed decision, and also reduced the TAT at the Branch level.

Snippets of Syndicate Bank:

The one major contributor of Syndicate Bank to Indian Banking is the launch of Pigmy Deposit Scheme in 1928. This scheme still continues, and Syndicate Bank collects on an average Rs2crs per day.

Of course, large strides in technology have enabled the Syndicate Bank, to minimize the frauds in the Pigmy Deposit Scheme.