Kochi: State-run Punjab National Bank, Xpress Money and UAE Exchange has launched a prepaid remittance card -- PNB Xpress Money Remit Card -- offering multiple benefits.

The card features unique combination offering multiple benefits which includes receiving overseas remittance without opening a Savings Bank account, K R Kamath, PNB's Chairman and Managing Director said during the launch function.

The risk of carrying cash is totally avoided, he said, adding the card can receive a maximum of 30 remittance in a year, he said.

Sudhesh Giriyan, Head, Xpress Money said the product would help to empower the NRIs with a safer, more cost effective way of sending money to their relatives in India.

This would help in increasing the convenience levels of customers who would be able to enjoy multiple benefits such as money transfer, ATM withdrawl's and enjoy the convenience of a debit card while shopping from one single product.

Describing it as a product of future,Y Sudhir Kumar Shetty, Chief Operating Officer (COO), Global operations, UAE Exchange, said the card could be used among others by students and overseas patients who come to India for treatment.

The new product, launched in tie up with arrangement with Xpress Money, one of the fastest growing global money transfer brands and UAE Exchange, facilitates foreign inward remittances under the Money Transfer Service Scheme (MTSS), which will enable Xpress money customers to send and receive money from overseas in a secure manner 24x7.

Once the money is remitted from any Xpress Moneys Agent location across the world, the fund would be automatically loaded into the pre-paid card, the maximum remit amount allowed in one single transaction is 50,000. The card can be used in all ATMs and point of sales for receiving inward remittance under Money Transfer from abroad. The card holders can withdraw up to 25,000 per day through PNB's ATMs.

The pre-paid card facility would be available to the beneficiaries free of cost with no annual fees and can be collected from any of the 317 UAE Exchange branches in India.

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