Kathmandu. Payment institutions (banks and financial institutions and service providers other than banks and financial institutions) have issued payment cards for the convenience of the customers.
Such payment cards include prepaid, debit, and credit cards. These cards are used for cash withdrawal purposes.
There is a maximum limit for withdrawing cash from such payment cards. Nepal Rastra Bank (NRB) has made a provision that it is not allowed to withdraw cash beyond this limit.
Customers can withdraw up to Rs 10,000 per transaction, Rs 20,000 per day and Rs 2 lakh per month from prepaid cards issued by banks and financial institutions.
Similarly, customers can withdraw cash up to Rs 25,000 per transaction, Rs 1 lakh per day and Rs 4 lakh per month from debit card.
Credit cards can withdraw up to 10 percent of the approved limit.
Similarly, customers can withdraw Rs 5,000 per day and Rs 25,000 per month from prepaid cards issued by service providers other than banks and financial institutions.
According to the Rastra Bank, the total limit will be applicable to the customer’s account even if the institution issues additional cards under the domestic card scheme. The central bank has made it clear that this limit has been set with the objective of preventing the misappropriation or theft of depositors’ money through the unauthorized use of the card as well as to encourage cashless transactions.
