Dubbed as State Bank Xpress Money Card, the card can be loaded with up to Rs50,000 with UAE Exchange and Financial Services. It allows a maximum of 30 remittances loading during a calendar year.
A customer can load the card by depositing the money at any branch of the UAE Exchange and Financial Services.
"The new product will go a long way in providing banking facilities to a large number of beneficiaries receiving inward remittance, who do not have access to basic banking facilities," the lender said.
The card, which will initially be launched in Kerala and subsequently in rest of India, will allow cardholders to withdraw cash from any bank ATM, transactions at point of sale (PoS) and e-commerce transactions.
