HDFC Bank Payroll Prepaid Card – Benefits, Fees & Eligibility

Introduction

The HDFC Bank Payroll Prepaid Card is a specialized prepaid card designed by HDFC Bank primarily for corporates to manage salary and wage disbursements to their employees, including those who may not hold a traditional bank account. It offers seamless salary access and secure, convenient online management for both employers and employees. Key differentiating benefits include digital management capabilities for corporates, one-click card blocking/unblocking for employees, and potential tax benefits on specific wallets.

Welcome Benefits

• No explicit welcome benefits are mentioned for this card.

Fees

• Issuance Fees: ₹250/-
• Annual Fees: NIL
• Wallet to Bank A/C transfer:
  • Up to ₹2000/-: ₹10/-
  • Greater than ₹2000/-: ₹20/-
• Card Replacement Fees: ₹135/-
• ATM Withdrawal Fee (for HDFC Bank ATMs): Free
• ATM Withdrawal Fee (for other Bank ATMs): ₹21/-
• Balance Inquiry Fees (HDFC Bank ATM and Others): ₹10/-
• Note: Charges are exclusive of applicable tax.

Rewards

• Reward Points: View and redeem points at the push of a button through the card management interface.
• Tax Benefits: Employees may receive tax benefits on specific wallets associated with the card.

Rewards Redemption Guide

• Reward points can be viewed and redeemed through the unified card management platform.

Card Eligibility Criteria

• Eligibility Rules: The HDFC Bank Payroll Card is issued by corporates to their employees for the payment of salary and wages. Any corporate wishing to issue the Payroll Card to their employees can avail it.
• Documents Required: A digital KYC process is available for existing HDFC Bank customers.

Card Review

The HDFC Bank Payroll Prepaid Card is an excellent solution for corporates aiming to streamline salary and wage disbursements, especially for employees who may not have traditional bank accounts. It digitizes the entire process, offering significant administrative ease for employers and enhanced control for employees.

Who should apply:

• Corporates seeking a digital, hassle-free platform for managing employee salaries and wages.
• Employees of such corporates, particularly those who benefit from a prepaid card for salary access and management.

Pros:

• For Corporates: Digitally manage all employee benefits, hassle-free card issuance and loading via a corporate dashboard, real-time tracking, card control, and management of card benefits, digital KYC for existing HDFC Bank customers, bulk user addition, and KYC management, digital funds distribution, passbook for fund records, and card inventory management.
• For Employees: One-click blocking and unblocking of cards, tax benefits on specific wallets, instant updates in demographic details, real-time expense viewing, ability to transfer funds from wallet to bank account, virtual card details in the mobile application, and robust card management controls (set PIN, set transaction limits).
• General: Secure and convenient, online access to all benefits, single interface for various HDFC Bank products (Credit Cards, Debit Cards, FASTag, Consumer Durable Loans), 5-year validity, transaction alerts, and quick reversal for failed transactions.

Cons:

• An issuance fee of ₹250/- applies.
• Fees are charged for wallet to bank account transfers, card replacement, and ATM withdrawals from other bank ATMs.
• E-commerce and contactless services are disabled by default for security reasons and require manual activation.
• Cash loading on the card and fund transfers from the card are not permitted.
• Cash withdrawal is not permitted for Small/Minimum KYC cards.

Important Product Details

• Card Name: HDFC Bank Payroll Prepaid Card
• Issuing Bank: HDFC Bank
• Purpose: Solution for corporates to issue cards to employees for salary and wage disbursement.
• Corporate Benefits:
  • Digitally manage all employee benefits through a single platform.
  • Hassle-free card issuance and loading via corporate dashboard.
  • Real-time tracking, card control, and management of card benefits.
  • Digital KYC process for existing HDFC Bank customers.
  • Bulk User Addition and KYC Management.
  • Card Control for users.
  • Digital funds distribution.
  • Passbook for fund addition and distribution records.
  • Card Inventory - Order and Manage card inventory.
• Employee Benefits:
  • One-click blocking and unblocking of cards.
  • Tax benefits to employees on specific wallets.
  • Instant updates in demographic details.
  • View expenses in real-time.
  • Transfer funds from wallet to bank account.
  • View card details virtually in the mobile application.
  • Set PIN and set limits on the number and value of transactions.
• Card Management & Controls:
  • Single unified platform for Credit Cards, Debit Cards, FASTag, and Consumer Durable Loans.
  • Simple interface to track all spends.
  • View and redeem reward points.
• Fees: Issuance Fee (₹250), Annual Fee (NIL), Wallet to Bank A/C transfer fees (₹10-₹20), Card Replacement Fee (₹135), ATM Withdrawal Fee (HDFC Bank ATMs: Free, Other Bank ATMs: ₹21), Balance Inquiry Fees (₹10). Charges are exclusive of applicable tax.
• Transaction Limits:
  • Maximum outstanding amount: Rs. 2,00,000/- for Full KYC cards.
  • For Small/Minimum KYC cards: Maximum load of up to Rs. 10,000 per month and Rs. 1,20,000 per annum. Cash withdrawal is not permitted for Small/Minimum KYC cards.
• Loading Funds: Corporate can load this card via the Corporate Portal. Cash loading on the card and fund transfers from the card are not permitted.
• Petty Cash Card Utility: Can be used for ATM Cash withdrawal (HDFC Bank and other Bank ATMs), POS, and online purchases. Cash withdrawal at POS in India with a maximum limit of Rs. 2,000/- per day & Rs. 10,000/- per month.
• Validity: 5 years.
• Security Features: E-commerce and contactless transactions are disabled by default as per regulatory guidelines for higher security; they can be enabled manually by the customer.
• Transaction Alerts: Each transaction triggers an alert to the registered mobile number/e-mail.
• Failed Transactions: Amount debited for all failed transactions gets reversed to the card within 24 hours.
• Transaction Process: For POS transactions, enter the card PIN. For ECOM transactions, enter the card PIN and OTP.

Other Details

• Portal Access: The customer portal can be accessed by visiting https://hdfcbank.poweredby.happay.in.
• Login Steps: Login to the portal using email ID or Mobile Number, click 'Sign in with OTP', complete 'I'm not a robot' verification, and enter the received OTP.
• PIN Setting: Login to the portal, go to "Cards & Wallets" tab, then "Set PIN".
• Enabling E-commerce/Contactless: Login to the portal, go to "My Card" tab, select your card, click "Manage Card", and switch On ECOM and Contactless. POS transactions are enabled by default.
• Changing Demographic Details: Login to the portal, click on initials (top right), go to 'my profile', select edit option against email ID or mobile number, enter new details, login password, and OTP.
• Card Closure: Utilize the card balance and contact customer support at 080-61776177 or email help.hdfcbank@happay.com.
• Lost/Stolen Card: Block the card using the Customer Portal, contact corporate admin, or call customer support immediately at 080-61776177.
• Updating Portal Password: Sign in to the Customer Portal, navigate to 'My Profile', select 'Password', and follow prompts.
• Administering the Card: Via the Customer Portal, track balance, check transaction history, manage spending limits, change PIN, secure card, and enable ecom transactions.
• Unauthorized Transactions: Inform HDFC Bank immediately and have the card blocked or hotlisted through the Customer Portal, corporate admin, or customer support at 080-61776177 or email help.hdfcbank@happay.com.
• Most Important Terms and Conditions: A separate document detailing specific terms and conditions for banking offerings is available and should be reviewed thoroughly.