India's largest lender State Bank of India on 23rd April 2013 launched a pre-paid card for blue collar employees and students named 'State Bank of India smart payout card'.
The new product is intended to 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.
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 an add on card for the existing account holders.
The issuance charges for the smart payout card will be Rs 102 as fees with a validity of 10 years.
The card can be used by students, who normally carry the debit cards of their parents while studying outside of their native place. Besides, the employers can also give these cards to their workers for salary payment.
According to the bank, relaxed KYC (know your customer) norm will be followed for getting these cards. Also, the card would help the public sector lender to garner low cost deposits (CASA).
The security features of this product is sound with less transaction risk.
Already the bank is in talks with corporates, SMEs, for use of these cards for their employees.
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