Bank of India Gift Prepaid Card – Benefits, Fees & Eligibility

Introduction

The Bank of India Prepaid Card is a versatile financial product issued by Bank of India, designed to offer a convenient and secure alternative to carrying cash. This card falls under the category of a General Purpose Reloadable (GPR) card and is available in both physical and virtual formats. Its primary value proposition lies in providing a safe, easy-to-use payment solution for everyday transactions, including online shopping, POS payments, and utility bill payments, with the added benefit of NCMC transit functionality on select variants.

Prepaid Card Variant & KYC Tiers

• The card is a reloadable prepaid instrument.
• It is available in two KYC variants:
  • Min KYC Card: Issued with minimum customer details. This variant has lower limits and is typically non-reloadable or has restricted loading capabilities.
  • Full KYC Card: Issued after complete customer verification. This variant is fully reloadable and offers higher balance and transaction limits.
• The card is NCMC (National Common Mobility Card) compatible, allowing it to be used for transit payments on metros, buses, and other participating transport systems.

Balance & Transaction Limits

• Maximum Wallet Balance:
  • For Min KYC cards, the maximum outstanding balance is capped at ₹10,000.
  • For Full KYC cards, the maximum outstanding balance is capped at ₹2,00,000.
• Monthly Loading Limits:
  • Min KYC cards have a total credit limit of ₹10,000 during the entire lifecycle, with no further loading permitted once this limit is reached.
  • Full KYC cards have a monthly loading limit of up to ₹2,00,000.
• Daily Transaction Caps:
  • Min KYC cards: Funds loaded can only be used for purchases of goods and services.
  • Full KYC cards: Daily POS/online transaction limits are set at ₹50,000.
• ATM Cash Withdrawal Eligibility:
  • Min KYC cards are not eligible for cash withdrawals.
  • Full KYC cards allow ATM cash withdrawals with a daily limit of ₹10,000.

Fees and Charges

• Issuance Fee:
  • Physical Card: A nominal issuance fee is applicable.
  • Virtual Card: Issued free of charge.
• Annual Maintenance Charges: An annual maintenance fee is applicable for physical cards; the virtual card may have a lower or no annual fee.
• Money Loading Fees:
  • Loading funds via UPI or Netbanking is typically free of charge.
  • A convenience fee may apply for loading funds using a Credit Card.
• ATM Charges:
  • A fee is levied for each ATM cash withdrawal beyond a certain number of free transactions.
  • Balance inquiry at ATMs may also incur a nominal charge.
• Inactivity Fee: An inactivity fee may be charged if the card is not used for any financial transaction for a consecutive period of 12 months.
• Card Replacement Fee: A replacement fee is applicable for reissuing a lost, stolen, or damaged physical card.

How to Apply & Load Money

• Application Process:
  1. Visit any Bank of India branch and fill out the prepaid card application form.
  2. Submit the required KYC documents. For a Min KYC card, a self-attested copy of a valid identity proof is sufficient. For a Full KYC card, complete identity and address verification is required.
  3. Pay the applicable issuance fee to receive the physical card instantly or apply for a virtual card.
• Loading Funds:
  1. Log in to the Bank of India mobile banking app or net banking portal.
  2. Navigate to the 'Prepaid Card' section.
  3. Select the 'Load Money' option.
  4. Enter the desired amount and choose the funding source (UPI, Debit Card, or Netbanking).
  5. Confirm the transaction to instantly add funds to the card.

Important Product Details

• Positive Highlights:
  • Available as both a physical and a virtual card for immediate use.
  • NCMC-enabled for seamless transit payments.
  • Full KYC variant offers a high wallet balance limit of ₹2,00,000.
  • Can be used for ATM cash withdrawals (Full KYC only).
  • Secure chip and PIN-based transactions for physical cards.
• Negative Highlights:
  • Requires a visit to a bank branch for application, with no fully digital onboarding process mentioned.
  • Min KYC variant has very low limits and no ATM access.
  • Fees are applicable for ATM usage, card replacement, and inactivity.
• Card Network Variants: The card is available on the RuPay network.

Refund & Card Closure Terms

• To surrender the card and close the account, the cardholder must visit the issuing Bank of India branch.
• A formal card closure request must be submitted.
• Any leftover balance in the wallet can be transferred back to the cardholder's verified bank account after deduction of applicable charges, if any.
• The card has a defined expiry date printed on it. The card cannot be used after its expiry, and a replacement must be applied for if the service is still needed.

Other Details

• The card is a chip-based EMV card ensuring secure transactions.
• Terms and conditions, including all fees and limits, are subject to change at the bank's discretion.