Characteristics of gift cards
1) In India, almost all major banks issue prepaid gift cards, in collaboration with plastic card platforms such as Visa, MasterCard or American Express. Apart from banks, large retail stores like Titan also issue gift cards, but, they can be used to buy goods only in Titan outlets present across the country.
2) For buying a gift card from a banking institution, a customer normally has to complete a bank's Know-Your-Customer norms. However, for gift cards issued by merchant brands there are no such formalities.
3) Now-a-days, many websites like Giftcardsindia.in, Infibeam.com, Giftbig.com and Indiaplaza.com also sell these plastic cards and deliver them to the buyer free of cost.
4) Prepaid gift cards can be issued in different currencies. But, each gift card can be issued in one particular currency only.
5) To make the tracking of gift cards easier, many banks provide a PIN along with each gift card. With the help of this PIN, a customer can keep a tab on the card's balance and check its transaction history. Another way to find out the balance remaining in the gift card is by contacting the issuing bank or via the issuing bank's ATM.
6) Banks issue gift cards in denominations such as Rs.500, Rs.1000, Rs.1500 till Rs.50, 000. Though, there are some banks which issue these cards in multiples of Re.1 also.
7) Generally, pre-paid gift cards issued by banks are non-reloadable, i.e. once the amount loaded in them gets exhausted these cannot be used again. However, there are some gift cards which can be reissued for a fee and can be used again by loading them with the desired amount. State Bank of India reissues its gift cards for a fee of Rs. 50, whereas HDFC Bank reissues its gift cards like the HDFC GiftPLus card for a fee of Rs. 100, taxes excluded.
8) Amount loaded in a pre-paid gift card cannot be transferred to any other plastic card or to any bank account. Withdrawal of cash from such cards is also not allowed.