HDFC Bank Moneyplus Benefit Prepaid Card – Benefits, Fees & Eligibility

Introduction

The HDFC Bank MoneyPlus Benefit Prepaid Card is a personalised Visa/RuPay Prepaid Card designed specifically for corporate entities to streamline cash management, particularly for recurring commission or incentive payouts to employees. It offers widespread acceptance across India, robust expense tracking via NetBanking, and a remarkable 5-year long-term validity, making it a versatile financial tool for businesses.

Welcome Benefits

• No specific welcome benefits or bonus rewards are mentioned for this card.

Fees

• Issuance Fees: ₹150 plus applicable GST.
• Annual Fees: ₹150 plus applicable GST.
• Reissuance Fees: Nil.
• Cash withdrawal at ATM using the Card: NIL charges.
• Balance Enquiry at ATM using the Card: ₹10 + GST. This fee applies when checking the card balance at HDFC Bank ATMs or other bank ATMs.
• Cash at POS withdrawal charges: Not Applicable (N/A).
• All fees are exclusive of applicable taxes.

Rewards

• The card is primarily designed for corporate payouts and expense management.
• It generally comes with "rewards programs and offers" that can help save money on purchases, though specific details on earning or redeeming points for categories like Movies, Dining, Travel, etc., are not provided.
• Users can effortlessly view and redeem reward points with just a click via the NetBanking portal, implying a rewards system exists, but its specifics are not detailed.

Rewards Redemption Guide

• Users can effortlessly view and redeem reward points with just a click through the Prepaid Card NetBanking portal. Specific redemption options or a detailed guide are not provided.

Card Eligibility Criteria

• Eligibility: The MoneyPlus Benefit Card is designed for corporate companies that want to pay recurring commissions or incentives to their employees. All corporations engaged with HDFC Bank are eligible to secure this card for their team members.
• Application Process:
  • To apply online, visit the Prepaid SmartCard Solutions Portal, fill in contact details under the "Apply Now" section, and a representative will connect.
  • Applications can also be placed through ENET or at HDFC Bank branches.

Card Review

The HDFC Bank MoneyPlus Benefit Prepaid Card is an excellent solution for corporate entities looking to manage and disburse recurring commissions, incentives, or small-scale salary distributions efficiently. Its primary value lies in simplifying corporate financial transactions with electronic convenience.

• Who should apply: Corporate companies seeking a streamlined, controlled, and secure method for employee payouts and expense management within India.
• Pros:
  • Widespread acceptance at all Visa/RuPay merchant outlets and online e-commerce platforms across India.
  • Remarkable 5-year validity.
  • NetBanking access for real-time expense monitoring, management, and transaction history.
  • Free balance checks at any HDFC Bank ATM.
  • No charges for cash withdrawals at ATMs.
  • No re-issuance fee.
  • Easy loading/reloading through ENET or Prepaid SmartCard Solutions Portal, direct debit, or cheques.
  • Transaction alerts via SMS/email for every transaction.
  • Enhanced security features.
• Cons:
  • An issuance fee and annual fee apply.
  • A fee is charged for balance enquiries at ATMs.
  • Maximum balance of up to ₹2 lakh for full KYC cards.
  • The card becomes inactive if unused for 12 consecutive months, requiring a re-activation process.
  • Specific details on rewards programs are not extensively provided, suggesting it's not a primary benefit for individual cardholders compared to traditional credit cards.

Important Product Details

• Card Name: MoneyPlus Benefit Prepaid Card
• Issuing Bank: HDFC Bank
• Card Type: Personalised Visa/RuPay Prepaid Card
• Validity: 5 years from the date of issuance.
• Acceptance: Accepted at all Visa/RuPay merchant outlets (Point of Sale) and online e-commerce websites across India.
• Currency: Transactions are valid only in INR currency across India.
• Maximum Balance: Up to ₹2 lakh for full KYC compliant cards.
• Expense Tracking: Available via NetBanking for real-time monitoring and management.
• Balance Enquiry: Free at HDFC Bank ATMs; ₹10 + GST at other ATMs.
• Cash Withdrawal: NIL charges at ATMs.
• Loading/Reloading: Easy and instant through ENET or Prepaid SmartCard Solutions Portal, direct debit, or cheques.
• Transaction Alerts: Provided via SMS/email for each transaction.
• Inactivity Policy: Cards with no financial transaction for a consecutive period of 12 months will be made inactive by the bank after sending a notice. To unblock, visit the Prepaid Card Portal or call Phone Banking. The card must be used before 12 AM on the day of unlocking, or it will lock again.

Other Details

• Card Management & Controls:
  • Single Interface: One unified platform for managing Credit Cards, Debit Cards, FASTag, and Business Loans (though the card itself is a prepaid card, it's part of a broader management platform).
  • Spend Tracking: Simple, intuitive interface to monitor and manage all business expenses.
  • Password Update: Sign into the Prepaid Card NetBanking portal, navigate to 'Manage My Profile,' select 'Change Password.'
• Unauthorised Transactions: If unauthorised transactions are detected, inform HDFC Bank without delay and have the card blocked or hot-listed by contacting Phone Banking service at 1800 1600/1800 2600.
• Lost or Stolen Card: Promptly block the card through the Prepaid Card Net Banking Portal or contact Phone Banking service at 1800 1600/1800 2600 for immediate assistance.
• Demographic Details Update:
  • Mobile Number / Email ID: Log in to the Prepaid Card NetBanking Portal (https://hdfcbankprepaid.hdfcbank.com/hdfcportal/index), click 'Manage My Profile,' go to 'Contact Information,' select 'Edit,' enter new details, and verify with OTP. Updates are instant.
  • Address Update: Visit the nearest HDFC Bank branch, submit a signed application for "Change in Address" along with documentary proof of the new address (original documents for verification). The mailing address will be updated within 7 working days.
• Most Important Terms and Conditions: Specific terms and conditions govern the use of this banking offering. It is crucial to review them thoroughly to understand all applicable terms.
• Disclaimer: Prepaid Card approvals are at the sole discretion of HDFC Bank Limited and are subject to documentation and verification as per the Bank's requirement. Interest rates are subject to change.