State Bank of India launches “State Bank Xpress Money Card” a Co-branded prepaid Card that can be loaded up to Rs.50,000/-, with UAE Exchange and Financial Services Ltd, for loading Inward Remittances received under Money Transfer Service Scheme (MTSS) of Reserve Bank of India, on VISA network. The new product will go a long way in providing Banking facilities to a large number of beneficiaries receiving inward remittance, who do not have access to basic banking facilities.
State Bank Xpress Money Card is meant for crediting Inward Remittances received through UAE Exchange and Financial Services Ltd. A maximum of 30 remittances can be loaded during a Calendar Year. The Card can be used for cash withdrawals from any bank ATM, transactions at point of sale (PoS) and e-Commerce transactions. At present State Bank Xpress Money Cards will be issued free of cost through all the branches of UAE Exchange and Financial Services Ltd situated in Kerala State. The product will be launched across all the branches of UAE Exchange and Financial Services Ltd across the Country shortly. At any point of time the beneficiary can hold only one Card.
Prepaid Cards are beneficial to customers as there is no need to open a bank account. The Customer’s cash is safe on a card as it is protected by PIN which can be used anywhere in India to buy any goods and services and the card can easily be blocked and replaced if lost/ damaged / stolen.
The three important conveniences to the beneficiary are as under:
1KYC documents need to be submitted only once, at the time of applying for a Card. The beneficiary will be intimated by SMS whenever a remittance is received and loaded on the Card.
2.It will obviate visiting UAE Exchange and Financial Services Branch or Agent outlets, every time an inward remittance is received.
3.The inward remittance can be withdrawn in instalments, whenever there is a need.