KBL-Deposit Only Card to boost Current Account Balances Float
Karnataka Bank headquartered in Mangalore has launched ‘KBL-Deposit Only Card’ that enables hassle-free cash deposit transactions at the bank’s 24X7 e-lobby services.
The new offering was announced through a A press release by the bank on Thursday.
This card is specially meant for the bank’s current/overdraft customers.
These customers can perform cash deposit transactions even with higher deposit limit at the bank’s bunch note acceptor (BNA) or cash recycler kiosks by using this card.
The limit for the cash deposit a day is Rs 10 lakh.
Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, the release said that these unique cards will empower the corporate customers and businessmen to deposit cash and business proceeds to their account, round the clock, even at different locations.
In future, these cards may be permitted with inter-operable cash deposit (ICD) transactions – that is cash deposit at other banks’ BNAs or recyclers, when NPCI ICD initiative is enabled at the bank, he said.
NPCI gets RBI approval for “Interoperable Cash Deposit” @ India Infoline News Service | Mumbai | July 27, 2015 9:47 IST
The proposed service inter-alia has the facility of participating NFS member banks to deposit cash in other bank’s Cash Deposit Machines (CDMs) with cash deposit limit of Rs. 46, 999/- per transaction.
Karnataka Bank Limited, , was incorporated on February 18th, 1924 at Mangaluru, a coastal town of Dakshina Kannada district in Karnataka State. Over the years the Bank grew with the merger of Sringeri Sharada Bank Ltd., Chitradurga Bank Ltd. and Bank of Karnataka.
Karnataka Bank has a national presence with a network of 805 branches spread across 22 states and 2 Union Territories.
7 Benefits of KBL-Deposit Only Card
Benefit 01) No fear of misuse even if card is lost
Benefit 02) Reduces the cash carrying cost of Karnataka Bank account holders
Benefit 03) Reduces the cash handling cost at Karnataka Bank branches
Benefit 04) Multiple cards can be issued to a Karnataka Bank single account
Benefit 05) The Average balances in Karnataka Bank current accounts will go up
Benefit 06) The operating costs of Karnataka Bank’s bunch note acceptor (BNA) or cash recycler kiosks with the increased number of transactions
Benefit 07) Future Ready