State Bank of India Launched Xpress Money Card
State Bank of India, in month of July, 2013 partnered with a non – banking finance company, UAE Exchange and Financial Services, to launch a card which will enable the holder to receive the remittance directly on the card.
A maximum of 30 remittances can be loaded during a calendar year and be used for cash withdrawals from any bank ATM, transactions at point of sale ( PoS ) and e – Commerce transactions.
State Bank of India launches “State Bank Xpress Money Card” a Co – branded prepaid Card that can be loaded up to 50,000/-, with UAE Exchange and Financial Services Limited, 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.
As per the guidelines, a depositor is supposed to visit the UAE Exchange and Financial Services branch to deposit the money.
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.
Importance of SBI Xpress Money Card
The three important conveniences to the beneficiary are as under :
- KYC 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.
- It will obviate visiting UAE Exchange and Financial Services Branch or Agent outlets, every time an inward remittance is received.
- The inward remittance can be withdrawn in installments, whenever there is a need.
Application Form Submission 16 Dec 2020 to 16 Jan 2021.