Axis Bank launched an Innovative Money Management Tool, My Money Card

India’s third largest private sector Bank, Axis Bank, on 23 May 2011 launched an innovative money management tool, My Money Card. The Card is a prepaid, re-loadable, rupee-denominated card on the Visa platform which enables parents to disburse money to their children staying away from home. Once the card is delivered to the cardholder, loading/ reloading may be done by the cardholder as per the requirement in any denomination.

The Card can be used for cash withdrawals at ATMs, PoS transactions at Visa enabled terminals and for online shopping through Verified by VISA. The My Money Card is designed to meet the banking/payment needs of the youth and it also provides parents an opportunity to track their wards’ spends and a convenient mode of disbursement of funds. The card also offers the user numerous discount offers from merchant outlets of leading youth brands.

One of the major advantages of the card is the fact that parents can set usage limits on the card usage as well as withdrawal limits at ATMs. The card can be funded by parents by paying cash at any Axis Bank Branch or by depositing Cheques/DDs at any branch. The money will get transferred to the card in real time in the case of cash transactions.

The My Money Card has five year validity and has a lost card liability insurance cover of up to Rs 50000.