Bank of IndiaBank of India CASHIT Prepaid Cards – Benefits, Fees & Eligibility
Is the Bank of India CASHIT Prepaid Cards Right for You?
The Bank of India CASHIT Prepaid Cards is best suited for users who prioritize Everyday Use, Corporate Expenses, Budgeting. With an issuance fee of ₹100 + GST and an annual fee of Free (1st year), this card is positioned for cardholders who can maximize its benefits to justify the cost.
Key Card Details
₹100 + GST
Free (1st year)
Rs. 15,000
Rs. 2,00,000
Notable Perks
Prepaid Category
General Purpose Reloadable
KYC Required
Full KYC
Monthly Load Limit
Rs. 50,000
Daily POS/Online Limit
Up to available balance
NCMC Transit Enabled
No
Things to Consider
High reloading fee of Rs. 50 per load adds up with frequent top-ups
No virtual card variant available for online-only users
No reward program, cashback, or merchant discount offers
Benefits & Features
Prepaid Category
General Purpose Reloadable
Reloadable
Yes
KYC Required
Full KYC
Physical Card Available
Yes
Max Balance Limit
Rs. 2,00,000
Monthly Load Limit
Rs. 50,000
Daily POS/Online Limit
Up to available balance
ATM Cash Withdrawal Allowed
Yes
Daily ATM Withdrawal Limit
Rs. 15,000
Fees & Charges
Issuance Fee
₹100 + GST
Annual Fee
Free (1st year)
Loading Fee
Rs. 50 per card per load
ATM Withdrawal Charges
Rs. 10 per transaction
Pros & Cons
Pros
Key benefits and features of this card.
Contactless chip card for fast and secure tap-and-pay transactions
Can be used as a family expense card to avoid carrying cash
Useful for corporates to manage employee incentives and reimbursements
Wide acceptance across Visa POS, e-commerce, and ATM networks
Cons
Key drawbacks and limitations of this card.
High reloading fee of Rs. 50 per load adds up with frequent top-ups
No virtual card variant available for online-only users
No reward program, cashback, or merchant discount offers
Fuel surcharge of up to 2.5% makes it costly for fuel purchases
Product Details
Chip-based card with contactless transaction support
Works at all POS, e-commerce, and ATM channels on Visa network
Accessible at all Bank of India ATMs and Visa-enabled ATMs
Functions as a Family Card for monthly expense management
Enables corporates to disburse bonuses and reimbursements
No bank account required for the beneficiary
Benefits & Features
Prepaid Category
General Purpose Reloadable
Reloadable
Yes
KYC Required
Full KYC
Physical Card Available
Yes
Max Balance Limit
Rs. 2,00,000
Monthly Load Limit
Rs. 50,000
Daily POS/Online Limit
Up to available balance
ATM Cash Withdrawal Allowed
Yes
Daily ATM Withdrawal Limit
Rs. 15,000
What matters, explained clearly
Introduction
BOI CASHIT Prepaid Card is a General Purpose Reloadable (GPR) card issued by Bank of India. It is a chip-based, contactless Visa card designed to serve as a hassle-free alternative to cash for purchases, employee reimbursements, and family expense management. The card facilitates cash withdrawals and transactions at POS terminals and online merchants without requiring the beneficiary to hold a bank account.
Prepaid Card Variant & KYC Tiers
- Card Type: General Purpose Reloadable (GPR) Card.
- Reloadable Status: Reloadable payment instrument.
- KYC Compliance: The card can be applied for through any Bank of India branch, implying Full KYC compliance for the described limits and features.
Balance & Transaction Limits
- Maximum Outstanding Balance: The amount outstanding shall not exceed Rs. 2,00,000 at any point of time.
- Monthly Loading/Reloading Limit: Up to Rs. 50,000 per month.
- Daily ATM Withdrawal Limit: Up to Rs. 15,000 per day.
- POS & E-commerce Limits: Usage is permitted up to the available balance on the card.
Fees and Charges
- Issuance Fee: Rs. 100 (Physical Card).
- Reloading Charges: Rs. 50 per card per load.
- ATM Usage Charges:
- Cash Withdrawal: Rs. 10 per transaction.
- Balance Enquiry: Rs. 5 per transaction.
- Railway Counter Transactions: Rs. 10 per transaction.
- Fuel Surcharge: 1% to 2.5% of the fuel transaction amount, subject to a minimum of Rs. 10. Rates may vary depending on the fuel station and acquiring bank.
- Taxes: All charges are exclusive of GST.
How to Apply & Load Money
- Application: The card can be applied for through any Bank of India branch across the nation.
- Loading/Reloading: Funds can be loaded or reloaded onto the card, with a limit of up to Rs. 50,000 per month.
Important Product Details
- Technology: Chip-based cards that support contactless transactions at all contactless-enabled merchants.
- Network: Enabled for all transactions including POS, E-commerce, and Cash Withdrawal.
- ATM Access: The card can be used at all Bank of India ATMs and other ATMs supporting the Visa network.
- Use Cases: Can be used as a "Family Card" for paying monthly expenses, reducing the risk of carrying cash. It also serves as a tool for corporates to provide bonuses, reimbursements, and incentives to employees.
Refund & Card Closure Terms
- Inactivity Cancellation: Cards with no transactional activity for one year from the date of issuance shall be cancelled as per RBI directions. The balance amount may be credited back to the ‘Source Account’ (the account used for loading the prepaid card) upon request by the card purchaser.
- Expiry and Revalidation: In case of card expiry with an underlying balance above Rs. 100, the card may be revalidated through the issuance of a new BOI CASHIT Prepaid Card. The balance amount may be credited back to the ‘Source Account’ upon request by the card purchaser.
Other Details
- Customer Care: Queries can be directed to HeadOffice.CPDPrepaidCard@bankofindia.bank.in or prepaidsupport.dbd@bankofindia.bank.in.