If you live or work in India, then the Smart Pay Card from Axis Bank is an excellent option to consider for your spending needs. It removes the need to maintain a separate salary account and does not require a minimum balance.
Unlike competitive prepaid cards in the region, the Smart Pay Card offers higher transaction limits for cardholders to enjoy. Daily cash withdrawal limits are Rs. 20,000, while daily point-of-sale transactions get capped at Rs. 50,000.
No bank account is required to apply for the Smart Pay Card. In return, approved accounts receive a prepaid option that makes it easier to distribute incentives, reimbursements, or salaries that may be due to employees.
Important Key Points About the Smart Pay Card
Should the Smart Pay Card expire without a renewal, any unutilized balance on the card would become the property of Axis Bank. An amount of Rs. 100 or above will be refunded within 3 months of the expiration date of the card if the Smart Pay Card is surrendered at a local Axis Bank branch.
Claims beyond 3 months are not honored by Axis Bank. Because of this stipulation, workers who are based outside of India may not be the best candidate to receive this prepaid card option.
The issuance fees for new accounts depend upon the number of cards that are expected and the average upload rates per card. Axis Bank will be in contact with applicants to help them determine what their start-up costs may be with this prepaid card option.
Replacement card charges are Rs. 100 per card, plus any taxes that may apply. Redemption charges follow this same fee schedule as well.
The Smart Pay Card is authorized for use at every Axis Bank ATM in India. Any merchant who accepts Visa cards for point-of-sale transactions will accept this prepaid card as well.
Why Choose the Smart Pay Card?
The Smart Pay Card is intended to be a way to disburse payments to employees. It offers the security of an electronic payment with the convenience of an instant payout.
There is a minimum loading amount of Rs. 500 with this prepaid card. Amounts up to Rs. 50,000 are permitted, subject to the current balance available on the Smart Pay Card.
Loading is generally permitted by the cardholder’s employer only, though special circumstances may apply to specific individuals.
View for further details about the Smart Pay Card from Axis Bank.