This blog will talk about the types of SBI forex cards, the benefits of SBI forex cards and eligibility to apply.

What is a forex card? 

Before diving deep into the two forex cards, we should know what a forex card is? So, a forex card is an inexpensive alternative to credit cards. It is a prepaid foreign currency card with the facility of multi-country currency. Forex card saves you from currency risks. You can preload the amount on your card.  Forex cards can also be a good option for you if you are a frequent traveller because you can load one or multiple currencies.

Types of SBI forex cards: 

State bank of India foreign travel card: 

It is a prepaid Foreign Currency card. The Card is a chip-based EMV compliant Card, thus ensuring a  convenient and secure way to carry cash. The Card is valid worldwide except in India, Nepal and  Bhutan. State bank foreign travel card is available in nine Foreign Currencies viz. US Dollars (USD),  Pound Sterling (GBP), Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), Japanese Yen  (YEN), Saudi Riyal (SAR), Singapore Dollar (SGD) and United Arab Emirates Dirham (AED).

State bank of India multi-currency foreign travel card: 

As the name suggests, a state bank multi-currency foreign travel card is best for all your travel currency on one Card. You get to load one or more of the following currencies- US Dollars, British Pounds,  Euros, Singapore Dollars, Australian Dollars, Canadian Dollars and UAE Dirham. You can use your card to withdraw money from over 2 million ATMs worldwide accepting MasterCard® cards or to pay for goods and services in shops, restaurants and hotels around the globe (other than in India, Nepal and  Bhutan). It is chip protected, thus ensuring a secure method of carrying cash.

Feature of SBI forex card

State bank of India foreign travel card: 

• The Card is issued in association with VISA International and MasterCard Asia/Pacific Pte.  Ltd.

• The Card is accepted worldwide except in India, Nepal and Bhutan.

• Minimum amount of load/Re-load in card is USD 200/ GBP 120/ Euros 150/ CAD 200/ AUD  200 / YEN 15,800 / SAR 750 / SGD 250 / AED 750.

• You can make free balance enquiry at State Bank Group ATMs in India and VISA /MasterCard  ATMs overseas at charge.

• Card is available for retail (tourists, pilgrims, medical needs, etc.) and corporate customers  (Companies, Government Departments, etc.).

• This Card is operable by 4 digit PIN at ATMs and a PIN/Signature at Merchant  Establishments.

State bank of India multi-currency foreign travel card: 

• The Card comes with a reloadable facility; thus, you can quickly reload your State Bank Multi Currency Foreign Travel Card++ with more funds ahead of your next trip. All you need is your  State Bank Multi-Currency Foreign Travel Card, valid passport and Form A2 (available at  branches) and top up at FTC issuing branches of State Bank of India.

• The facility of locking the value of your Card balances whenever you (re)load your State Bank  Multi-Currency Foreign Travel Card. This could help you avoid exchange rate fluctuations and  variances while you’re abroad, and clear charges give you the control to manage your budget.

• The State Bank Multi-Currency Foreign Travel Card comes with 24/7 Global Assistance,  including emergency cash replacement up to the available balance on your Card. • The bank will also give an additional card to the cardholder that can act as a backup if the original Card gets lost.

• The bank will not link your state bank multi-currency foreign travel card to your bank account.  Thus, your bank account is secure against counterfeit.

• The balance of the transaction will automatically be deducted from other available currency on your Card, in the following order of priority: USD, EUR, GBP, SGD, AUD, CAD and AED in case you have insufficient funds in a transaction currency to pay for a transaction.

Eligibility to apply for an SBI forex card

• Indian individual who plans to travel abroad except Nepal and Bhutan is eligible. • Corporate for their employees whom they plan to send abroad for official purpose subject to completion of KYC norms are eligible.

• Parents/sponsors of the students going abroad for higher studies, in student’s name and can be subsequently reloaded up to the statutory ceiling, prescribed from time to time under FEMA  guidelines 1999, and subsequent amendments are also eligible.

• And Foreign Nationals residing in India, subject to completion of KYC/FEMA norms, are also  eligible.

Summing up: 

SBI cards is one of the best credit cards in India. Thus, it is also one of the most trusted banks in the country. If you plan to go abroad, you can save a lot of money by considering an SBI forex card.  After reading this blog, you now know the types of forex cards offered by the State bank of India. Before choosing your bank, you must compare the offers and features offered by various banks to conclude.

The post All about SBI forex cards appeared first on ElitesMindset.

AU Small Finance Bank Zenith Credit Card

Reward System (1 Reward Point = 0.25 Paise)

• 20 reward points per Rs 100 retail spend done on dining at Standalone restaurants.Therefore, the reward rate is 5%.
• 10 reward points per Rs 100 retail spending done on International transactions, Grocery, and Departmental stores. Therefore, the reward rate is 2.5%
• 5 Reward Points per Rs 100 retail spends done across all other merchant categories. Therefore, the reward rate is 1.25%.
• Note: Fuel transactions are excluded from earning reward points.

Charges {Joining / Annual : Rs 7999 without GST}

• For 1st year fee waiver : Rs 125000 retail spends done within 90 days of card set up.

• For 2nd year onwards fee waiver : Rs 5,00,000 retail spends done in previous card anniversary year.

Benefits

• Railway Lounge Access: 2 per quarter

• Airport Lounge Access: 2 International (Priority Pass)  with an addition of 4 Domestic per quarter

• Markup Fees: 1.99% per month or 23.88% per annum

• Fuel Surcharge Waiver: 1% Fuel Surcharge waiver at all fuel stations across India with no limit.

AU Small Finance Bank Vetta Credit Card 

Reward System(1 Reward Point = 0.25 Paise)

• 10 Reward Points per Rs 100 retail spends done on utility bill payments. Thereby, the reward rate is 2.5%.
• 4 Reward Points per Rs 100 retail spends done on grocery and departmental store spends. Therefore, the reward rate is 1%.
• 2 Reward Points per Rs 100 retail spends done across all other merchant categories. Therefore, the reward rate is 0.5%.
• Note: Fuel transactions are excluded from earning reward points.=

Charges {Joining / Annual : Rs 2999 without GST}

• For 1st year fee waiver : Rs 40,000 retail spends done within 90 days of card set up.

• For 2nd year onwards fee waiver : Rs 1,50,000 retail spends done in previous card anniversary year.

Benefits

• Railway Lounge Access: 2 per quarter

• Airport Lounge Access: 1 International (Priority Pass) with an addition of 2 Domestic per quarter

• Markup Fees: 2.99% per month or 35.88% per annum
• Fuel Surcharge Waiver: Fuel Surcharge waiver at all fuel stations across India upto Rs 250 every month.

AU Small Finance Bank Altura Plus Credit Card 

Reward System(1 Reward Point = 0.25 Paise)

• 1.5% Cashback on all POS retail spends done at merchant outlets (Maximum cashback per statement cycle is Rs 100)
• 1 Reward Points per Rs 100 retail spend (except fuel) on POS, after you reach the maximum cashback limit. Therefore, the reward rate is 0.25%.
• Note: Fuel transactions are excluded from earning reward points.

Charges {Joining / Annual : Rs 499 without GST}

• For 1st year fee waiver : Rs 20,000 retail spends done within 90 days of card set up.

• For 2nd year onwards fee waiver : Rs 80,000 retail spent in previous card anniversary year.

Benefits

• Railway Lounge Access: 2 per quarter

• Airport Lounge Access: Nil

• Markup Fees: 3.49% per month or 41.88% per annum
• Fuel Surcharge Waiver: Fuel Surcharge waiver at all fuel stations across India upto Rs 150 every month.

AU Small Finance Bank Altura Credit Card

Reward System 

• 2% Cashback on all retail spends done at Grocery stores, Departmental stores and Utility bill payments(Maximum cashback per statement cycle is Rs 50)
• 1% Cashback on all retail spends(Maximum cashback per statement cycle is Rs 50)
•  (Note: Fuel transactions are excluded from earning reward points.

Charges {Joining / Annual : Rs 199 without GST}

• For 1st year fee waiver : Rs 10,000 retail spends done within 90 days of card set up.

• For 2nd year onwards fee waiver : Rs 40,000 retail spent in previous card anniversary year.

Benefits

• Railway Lounge Access: 2 per quarter

• Airport Lounge Access: Nil

• Markup Fees: 3.49% per month or 41.88% per annum
• Fuel Surcharge Waiver: Fuel Surcharge waiver at all fuel stations across India upto Rs 100every month.

We hope this article helped you in making the right decision, it’s time for you to login into the AU Small Finance Bank Website and start your journey of financial empowerment by applying for best credit cards in India online.

The post What credit cards are offered by AU Small Finance Bank? appeared first on ElitesMindset.

What is the purpose of the Kisan Credit Card?

It is a scheme of the Government of India created by NABARD ( National Bank For Agriculture And Rural Development) launched in 1998 which provides farmers with timely short-term credit up to a pre-specified credit limit to purchase equipment like water pumps, seeds, and other expenses as well. The KCC ensures that the credit requirements of farmers in fisheries, agriculture sector, animal husbandry are timely met.

Who is eligible for a Kisan credit Card?

All types of farmers including SHGs, Joint Liability Groups, Tenant Farmers, Sharecroppers, owner cultivators are eligible for the scheme.

• Self Help Groups: An informal association of farmers who have together to improve the standard of living by building social capital.

• Joint Liability Groups: It is a small group of farmers engaged in the same economic activity coming together to avail bank loans on an individual basis or through a group mechanism against a mutual guarantee. 

• Tenant Farmers: A farmer who does farming in land owned by another person and pays rent or share of crops in return.

• Share Croppers: It is a form of tenant farming in which the landowner puts capital required for farming and the tenant farmer contributes in labor in return for a share of crops.

• Owner Cultivator: Any farmer who personally cultivates his land along with providing capital and management with the aid of family members and households.
• Others: Farmers involved in allied activities such as animal husbandry and non-farming activities like fishermen.

What are the Benefits of the Kisan Credit Card?

1. Low-Interest Rate: The interest rate for Kisan credit cards starts at as low as 2% with an average of 4%, exempting farmers from high-interest rates. Also, to make it more flexible and beneficial for farmers, farmers under the Kisan Credit Card scheme can pay credit in the harvesting period of the crop for which the loan was originally provided. Also, certain subsidies and schemes are offered by the government to farmers that come under KCC with regard to interest rate, these depend on the repayment history and general credit history of the cardholder.
2. Timely Credit: Loans up to 3 lakh rupees along with an option to avail marketing loans as when farmers require finances for agriculture requirements such as dairy animals, pump sets, etc., and other allied activities with the post-harvest expenses. Single credit facility/term loan for all agricultural and ancillary requirements.

3. Insurance Cover: All Famers under Kisan Credit Card Scheme get insurance coverage of up to Rupees 50,000 in case of permanent disability or death with an additional cover of Rupees 25000 is given in case of other risks.
4. Free Assistance: Free assistance is provided to all farmers that come under the Kisan credit card scheme, in the purchase of fertilizers, seeds, etc. as well as in availing cash discounts from merchants and dealers.
5. No collateral: Under KCC farmers are provided with collateral-free loans up to Rs. 1.60 lakh.
6. Flexible Repayment options: All the farmers under KCC are provided with flexible repayment options in which farmers can repay the loan in the harvest season of the crop for which the loan was originally given and a hassle-free disbursement procedure.

A happy farmer means a happier country, you must understand how the government is using taxpayers’ money in the right direction. We no longer should consider tears of sadness in eyes of our farmer’s eyes normal, Credit Card schemes our a new ray of hope, covering the gap between rich and poor, so that no more incidents like a farmer left with no other option but to take his life while being crushed under poverty ever happen. We are the future! We are Young India! Jai Hind!

The post What is a Kisan credit card (KCC)? appeared first on ElitesMindset.