SBI Launches Visa-Branded Prepaid Card for Workers, Students (April 23, 2013)
State Bank of India (SBI) has launched a new prepaid card targeted for use by students and blue collar workers, the bank said. The Visa-branded State Bank Smart Payout Card is available at all SBI branches and can be used for POS and online purchases, as well as ATM cash withdrawals. Cards can be loaded with up to R10,000 (US$184.29) at a time and R25,000 (US$460.73) in a single month and feature free reloads via direct deposit. Mechanical and technology manufacturer Bosch India is the first corporation in India to issue the card to employees, and SBI is in talks with other companies to offer the card as well, according to the bank.
In January, SBI was one of five Indian banks to join a government-led effort to expand basic financial services to the country’s 400 million unbanked consumers. The Saral Money program enables users to link a Visa prepaid account to a government-issued personal ID number to make purchases and cash withdrawals.
