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.
The card is named State Bank Xpress Money Card and can be loaded with up to 50000 Rupees. There is a provision of loading a maximum of 30 remittances during a calendar year.
As per the guidelines, a depositor is supposed to visit the UAE Exchange and Financial Services branch to deposit the money.
Use of the Xpress Money Card
• The card can be used for cash withdrawals from any bank ATM, transactions at point of sale (PoS) and e-commerce transactions.
• The card is highly beneficial to customers as there is no need to open a bank account
• For the time being, the card will be available free-of-cost in Kerala. Subsequently, it will be rolled out across the country.
Who: State Bank of India
When: July 2013