Karnataka Bank has begun issuing a Visa-branded prepaid card designed for students, an official from the India-based bank tells PaymentsSource.
“This card for is students across India, though given our reach we expect students from the state of Karnataka to use it first,” he adds.
Parents may purchase the reloadable prepaid cards in amounts ranging from 1,000 rupees (US$22 or 16 euros) to 45,000 rupees, according to the official. Parents pay a one-time fee of 500 rupees to purchase the card.
“The card has to be purchased by parents who are accountholders at the banks,” he adds. “The wards can then use the cards to meet their monetary needs related to academic purposes like tuition fees, hostel fees and other expenditure.”
The card can be used anywhere Visa cards are accepted, and they come with a daily spending limit of 25,000 rupees, according to the official, “In addition, wards can also take out cash at ATMs, with a daily cash-withdrawal limit of 15,000 rupees,” he adds.
The bank recently deployed 10 new ATMs, bringing its total to 214, the official adds.
