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State Bank of India, in partnership with a non-banking finance company, UAE Exchange and Financial Services, has launched a card which will enable the holder to receive the remittance directly on the card.
The card — State Bank Xpress Money Card — can be loaded with up to Rs 50,000. 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.
A depositor will have to visit the UAE Exchange and Financial Services branch to deposit the money. For now, the card will be available free-of-cost in Kerala. Subsequently, it will be rolled out across the country.
Prepaid cards are beneficial to customers as there is no need to open a bank account, State Bank of India said.
satyanarayan.iyer@thehindu.co.in
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