Jammu and Kashmir Bank Ltd. is raising the daily ATM-withdrawal and purchase-transaction limits on its debit cards to increase cardholder convenience, the India-based issuer announced Nov. 21.
“The main reason behind the move is to ensure that our customers do not have to constantly go to and fro to ATMs to access cash for the purchases they have to make,” a spokesperson for the bank tells PaymentsSource.
Jammu and Kashmir is a government-owned bank based in Srinagar, the capital of the mountainous state of Jammu and Kashmir. The bank operates branches and ATMs in hilly typography, which means that its customers have to travel a fair distance from their homes or retail areas if they have to access cash.
The bank raised the daily cash-withdrawal limits on general and deluxe debit cards for savings and payroll accounts from 20,000 rupees (US$384 or 284 euros) and 50,000 rupees to 40,000 rupees and 100,000 rupees respectively, the spokesperson says. For in-store purchases, the issuer raised the daily transaction limit to 100,000 rupees from 75,000 rupees for general debit cards and to 150,000 rupees from 100,000 rupees for deluxe variants, he says.
The bank also increased the daily ATM cash-withdrawal limit for platinum, gold and Premium Plus debit cards tied to checking accounts to 100,000 rupees from 50,000 rupees. Similarly, it raised the daily purchase limits for the cards tied to checking accounts to 150,000 rupees from 100,000 rupees, the spokesperson adds.
For three other debit cards that access checking accounts–premium, basic and grameen (rural)–the issuer raised the ATM-withdrawal limit to 40,000 rupees from 20,000 rupees and the purchase limit to 100,000 rupees from 75,000 rupees, he says.
“However, the per-transaction limit on all cards issued by the bank remains at 20,000 rupees. This would mean that a cardholder would need to make two such transactions if he has to withdraw 40,000 rupees,” he says.
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