Continuing a trend in which banks in India are introducing cards for higher-income consumers, Laxmi Vilas Bank Ltd. has launched a Gold debit card for its premier banking customers.
The Visa-branded magnetic stripe card is available now and complements the existing Classic card, the Karur-based bank said in a July 4 press release.
The Gold card comes with higher daily limits of 50,000 rupees (US$1,121 or 800 euros) for ATM transactions and 100,000 rupees on purchases, a customer service representative tells PaymentsSource. Holders of Classic cards may access no more than 25,000 rupees at ATMs and 50,000 rupees on purchases, the representative said.
Persistent demand for higher transaction limits prompted the bank to launch the card for its premier banking customers, according to the release.
The new Gold card also comes with a free personal accident insurance policy worth 200,000 rupees and a points-based loyalty-rewards program, the bank said in the release. Cardholders pay an annual fee of 200 rupees, according to the representative.
Lakshmi Vilas has more than 1.7 million debit accountholders and operates a network of more than 205 ATMs in India.
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