Skip to main content

Gift Cards

Download Tax Saving Mutual Fund Application Forms

Invest In Tax Saving Mutual Funds Online

Buy Gold Mutual Funds

Leave a missed Call on

94 8300 8300

Gift Cards





Looking for the perfect gift for your loved ones? A gift card from a bank is a cool option because it lets the recipient buy the stuff he wants. It is also a safe way to introduce youngsters to plastic

 

1 What are gift cards?

Gift cards are a cool alternative to cash or gift vouchers that tie recipients to a particular store and leave them with limited choices. Several banks, including SBI, Central Bank of India, ICICI Bank, HDFC Bank, Axis Bank and IDBI Bank offer these pre-paid cards. You can buy one over the counter at designated branches of these banks. The card is activated as soon as the bank receives the payment. The service providers are either MasterCard or Visa. You don't have to be a customer of the bank to buy the card. However, it helps if you have an account, otherwise you need to provide Know Your Customer (KYC) documents such as address and identity proof. While KYC details of the recipient are not required, you will have to mention his name, address and contact details. Some banks like HDFC Bank and SBI allow personalisation of the card by letting you add the beneficiary's name on them.

2 How do they work?

Gift cards can be used at any establishment that accepts plastic. Some gift cards like those issued by the Central Bank of India and Axis Bank can be used for online shopping as well. These cards work just like debit cards. Every time the user makes a purchase, the amount is deducted from the balance. The card can be disposed of once the balance is exhausted. Some cards like the ones from Axis Bank come with 4-digit PINs that allow them to be used in ATMs to know the balance amount. But you can't use them to withdraw cash. Some banks even let you check the balance online. For most others, however, the user must approach the call centre to know the balance in the gift card.

3 What are the features?

A number of banks offer gift cards. While some finer details may vary, the broad features remain the same. The card can be loaded with any amount between `500 and `50,000 and the amount has to be exhausted within three years. Till recently, the validity was one year. There is a card issuance fee of around `100, plus taxes. HDFC Bank is offering a 50% discount on issuance fee till 31 December 2014. There is no transaction charge and the gift card can be used for multiple transactions. But if you use another bank's ATM to know the balance, there will be a transaction charge of about `8. Also, the user will have to pay any surcharge applicable on the transaction. For instance, if you use the card to buy petrol, you will have to bear the surcharge payable on such transactions.

4 Can you get a refund?

Gift cards cannot be reloaded once the balance is used up. When the validity expires, even if there is some balance remaining in the card, some banks may not allow the card to be used. For instance, Central Bank of India's Cent Gift Card does not allow unused funds to be redeemed after the validity expires. But some, like Axis Bank, do allow unused funds to be withdrawn. But the original card purchaser (not the recipient) must take the card to an Axis Bank branch where the bank will refund the balance (minimum `100) after deducting some charges. This refund can be claimed within three months from the date of expiry of the card. If the card has a PIN and the recipient forgets it, the original buyer will have to step in again. The bank will give a new PIN, but only to the original buyer.

5 What to do if card is lost?

Like any another card, a gift card too can be lost or stolen. The first thing to do is inform the bank about it, so that the card can be deactivated to prevent possible misuse. Some like the ICICI Bank gift card comes with zero card liability once the loss of card has been reported to the bank. After this, the card holder will need to file a police report and submit a copy of the FIR to the bank. The bank will then give the original buyer the unused amount after subtracting charges, if any. Some banks like ICICI Bank won't refund the money but reissue a replacement card on payment of `199. You might have to undergo the KYC procedures again for getting a new card.


For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

Leave a missed Call on 94 8300 8300

Leave your comment with mail ID and we will answer them

OR

You can write back to us at

PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest Mutual Funds Online

Invest Any Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any Fund Application Forms

---------------------------------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap Funds Invest Online

      1. DSP BlackRock MicroCap Fund
      2. Franklin India Smaller Companies

E. Sector Funds Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...

What is Financial Freedom?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)     There were many things common between our Freedom fighters. All had the Single vision (Free India), common goal (independence) and had a disciplined and focused approach. They were ready to do anything and everything and had made so many sacrifices to see India free . But the road to freedom was not easy .They had faced lot many hardships, went to jail so many times and even confronted physical and mental torture from the British. There was one more thing which proved to be an advantage to our fighters that most of them were professional lawyers. The knowledge of legal issues and its impact on our country at large has helped them counter various bills and proposed new laws by the then government. It is due to their continuous effort that we are able to achieve the goal of Independent Indi...

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now