SBI launches State Bank Xpress Money prepaid card with UAE Exchange

State Bank of India (SBI) today launched State Bank Xpress Money Card a co-branded prepaid card  that can be loaded up to Rs 50,000 with UAE Exchange and Financial Services, for loading inward remittances received under money transfer service scheme (MTSS) of Reserve Bank of India (RBI), on VISA network.

State Bank Xpress Money Card is meant for crediting inward remittances received through UAE Exchange and Financial Services.

A maximum of 30 remittances can be loaded during a calendar year and be used for cash withdrawals from any bank ATM, transactions at point of sale (PoS) and e-Commerce transactions.

At present State Bank Xpress Money Cards will be issued free of cost through all the branches of UAE Exchange and Financial Services situated in Kerala.

The product will be launched across all the branches of UAE Exchange and Financial Services across the country shortly. At any point of time the beneficiary can hold only one card.