Whether business, education or pilgrimage, traveling to India just got easier. With the launch of the MasterCard branded INR prepaid card by Bank of Bhutan Limited (BoBL), travelling to India will be more convenient and secure without having to worry about carrying cash.
The INR prepaid card that can be availed by both BoB account holders and those without BoB accounts, allows travellers to withdraw cash or make purchases through POS terminals with ease in India. An INR prepaid cardholder can withdrawal INR 50,000 per month from any MasterCard enabled ATM in India and also use for shopping through POS machines. To avail the prepaid card that is secured by Chip and PIN, a one-time issuance fee of only Nu.220 per card is charged. The card is valid for 3 years. For replacement or renewal, Nu 150 will be charged per card.
Bank officials say that apart from business and pilgrimage trips, the prepaid card will be useful for students studying in India for their daily living expenses. For parents it not only makes transfer of funds convenient but also helps to regulate and monitor their children’s expenses. Unlike the debit cards, the prepaid cards are stored value cards and are not linked to a customer bank account. This means that a cardholder can use the card only to the extent of the value loaded on the card.
According to BoBL CEO, Pema N. Nadik, “This card not only demonstrates our commitment toward providing options to our customers but also stands testimony of our aim to offer our customers a choice of solutions to meet their needs.”
The MasterCard INR prepaid card is the first such card product to be launched in the nation and is yet another step by BoBL towards achieving the goal of promoting cashless transactions thus reducing the cost of handling cash on the economy.
Established in 1968 through a Royal Charter the Bank of Bhutan is the oldest and largest bank in the Kingdom with a presence in all Dzongkhags through a network of 29 branches and 18 extension counters. The Bank has the largest network of 82 ATMs spread throughout the country. BoB is the only bank in the Kingdom with primary membership of Visa and MasterCard and is the only bank-issuing Visa branded Credit Cards for corporates and individuals.