Banking
SBI launches 'Smart Payout' prepaid card for unbanked population

SBI would issue the State Bank Smart Payout Cards to blue collar employees, workers, contract labourers and its existing customers

State Bank of India (SBI), the county's largest lender, has launched “State Bank Smart Payout Card”, a prepaid card with a monthly cap of Rs25,000 for blue-collar employees, workers, contract labourers and as an add-on card for existing account holders on the VISA network.

 

“State Bank Smart Payout Card can be used for crediting salaries/wages and support funds, cash withdrawals from any bank ATM and transactions at point of sale (PoS) and e-Commerce transactions,” the lender said in a release.

 

Prepaid cards are beneficial to customers as there is no need to open bank account. Customer’s cash is safe in a card as it is protected by PIN which can be used anywhere in India to buy any goods and services and the card can easily be blocked and replaced if lost, damaged or stolen, SBI said.

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