Coimbatore, July 9
Bank of India has introduced the `Star Vidya Card' to enable college students get rid of the hassles of carrying cash for paying their tuition fees, mess bill or towards any other purchases made within the campus. The bank is now in the process of tying up with various educational institutions to complete the roll out.
The card, customised for individual educational institution, is issued to students with a validity period of six years. It can, according to BOI sources, be used for drawing cash at any BOI ATM as also ATMs of banks participating under `Cash Tree' and `Bancs' shared network, albeit with a cap on drawals.
Explaining the benefits of the card to the institution, the sources said the installation of the `electronic data capturing' (EDC) machine at various points of sale would enable the authorities to just swipe the card towards the candidates dues instead of handling cash (physically) along with attendant risk of pilferage, loss etc. Card charges
While it offers usage convenience, it is not for free. The bank charges a one-time issuance fee of Rs 25/card, programme management charges (including transaction authorisation) of Rs 15/month, EDC machine rent of Rs 550/machine and commission at 1.5 per cent as applicable (based on volume).