State Bank launches cash back offer

State Bank on Wednesday said it has launched a 'cash back' for its debit card holders across the country, starting from July 1.

State Bank on Wednesday said it has launched a 'cash back' for its debit card holders across the country, starting from July 1.

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During this period, customers of State Bank of India and its associate banks using their debit cards for making payments of Rs 501 and above would get cash back up to 5 per cent, a release issued in Mumbai said.

Customers spending amount from Rs 501 to less than Rs 5,001 would get three per cent cash back, while for amount spent between Rs 5,001 and less than Rs 10,001, customers would get 4 per cent cash back.

The offer, which begins on July 1 and ends on August 31, however, would not be available on ATM withdrawals and Internet transactions and would be credited to the customers' account within 4-6 weeks of the end of the campaign.

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 over 37-million debit card holders.