SBI introduces pre-paid card for students, workers
By Ankit Sharma
Apr 25, 2013
Print    Email    RSS   

Country's largest lender, State Bank of India introduced a pre-paid card for blue collar employees and students coined as ‘State Bank of India smart payout card'.

"The new product will bring a large number of workers, contract labourers and dependent family members, who don't have access to the basic banking facilities within the ambit of financial inclusion," SBI Deputy MD (corporate strategy and new businesses) Mr. R K Saraf said.

The pre-paid card can be loaded with Rs 10,000 at a time with a monthly cap of Rs 25,000. This can also be used as add on card for the existing account holders.

SBI will charge Rs 102 as fees for issuing the card with a validity of 10 years.

"This card can be used by students, who normally carry the debit cards of their parents while studying outside of their native place. Also, employers can give such cards to their workers for salary payment," Mr. Saraf said.

According to the bank, relaxed KYC (know your customer) norm will be followed for getting these cards. Mr. Saraf also said that the card would also help the public sector lender to garner low cost deposits (CASA).

Referring to security features, he said that security features of this product are sound with less transaction risk.

He also said that the bank is in talks with corporates, SMEs, for use of these cards for their employees.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Personal Loan Vs. Cash advance from credit...
Credit profile and its effect on loan...
Must have add-ons for luxury car insurance
Credit card or debit card: Which one...
Best airline rewards credit cards in...

Daawat*Call giℛℒ escort In ZiRaKpUr OOOOOOOOOO...
Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive