Wednesday, April 24, 2013

State Bank of India (SBI) launched a pre-paid card as "SBI Smart Payout Card"

 State Bank of India  (SBI) launched a pre-paid card  as "SBI Smart Payout Card" for students, employees, workers, and contract labourers. This card is focus to customers don't need to open any bank account to subscribe to these cards.

The exercise is aimed at financial inclusion. It will help garner low cost current and savings account (CASA) deposits. Using such cards customers can transfer money from one place to the other. Especially for contract labourers who work in urban areas, it is very useful
The KYC (Know Your customer) norms are also relaxed here. This will enable the product to reach its target audience. Customer needs a basic proof of identification. Any KYC compliant SBI customer can introduce a new customer. An employer too can endorse its employee's application. These cards can be used in all existing

Feature of SBI Smart Payout Card
1) SBI group ATMs and 65,000 points of sales (PoS) at free of cost.
2) The pre-paid card bears a charge of Rs 9-20 per transaction in case of other banks'
3) ATMs. The pre-paid card can be loaded with Rs 10,000 at a time with a monthly cap of Rs 25,000.
4)SBI will charge Rs 102 as fees for issuing the card with a validity of 10 years.

This card will help small scale companies (SMEs) to  give salaries via such cards.