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

Birla SunLife Manufacturing Equity Fund

The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country.   Why India as the next manufacturing destination?   The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...
Read more

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
Read more

How to generate a UAN Online

Best SIP Funds Online   In order to make Employees' Provident Fund (EPF) accounts portable, the Employees' Provident Fund Organisation (EPFO) had launched the facility of Universal Account Number (UAN ) in 2014. Having a UAN is now mandatory if you have an EPF account and are contributing to it. So far, you got this number from your employer and every time you changed jobs, you had to furnish this number to the new employer.  However, in order to make it easier for you to get a UAN , and without your employer's intervention, the EPFO now allows you to go online and generate a UAN on your own. This facility can be used by freshers, or new employees, who are joining the workforce as well as by employees who have older EPF accounts but do not have a UAN as yet. As a new employee, you can simply generate a UAN and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution. As per a circula...
Read more

Stock Review: Havells

HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating.    Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11.    Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...
Read more

Mutual Fund Review: Reliance Regular Savings Equity

    Despite high churn, Reliance Regular Savings Equity has managed to fetch good returns   In its short history, this one has made its mark. Though its annual and trailing returns are amazing, the fund started off on a lousy note (last two quarters of 2005). It managed to impress in 2006 and was turning out to be pretty average in 2007, till Omprakash Kuckian took over in November 2007 and wasted no time in changing the complexion of the portfolio. Exposure to Construction shot up to 28 per cent with almost 21 per cent cornered by Pratibha Industries and Madhucon Projects . Exposure to Engineering was yanked up (18.50%) while Financial Services lost its prime slot (dropped to 6.69%) and Auto was dumped. That quarter (December 2007), he delivered 54.66 per cent (category average: 25.70%).   When the market collapsed in 2008, thankfully the fund did not plummet abysmally. But even its high cash allocations could not cushion the fall which hovered around the category average. ...
Read more
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