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Prepaid Gift Card

We often experience a situation where we want to gift that perfect gift for an occasion but have run out of time to go and buy it. One of the alternatives that banks offer to address this situation is a prepaid gift card. This card is a disposable pre-funded card that can be bought by any person by just visiting the bank branch, irrespective of whether he or she has any existing deposit accounts with the bank. This card can be used by the recipient as a debit card up to the amount funded in the card for shopping, eating out and online transactions.

Form

A form needs to be filled up by the applicant. Details of the person buying the card and the person in whose favour the card is being bought needs to be included in the form. The amount to be loaded in the card also must be mentioned. The duly filled signed form must be submitted to the bank branch.

Payment and charges

The card can be loaded by depositing a local cheque in favour of the bank or a demand draft. An existing customer of the bank can give a debit instruction to the bank. The card is activated only upon clearance of the payment instrument. The bank charges an issuance fee for issue of this card. Charges range from `100 onwards, exclusive of taxes.

PIN and balance enquiry

The person who receives the card is also allotted a PIN to access details of the card at ATM centres. One can view the balance and transactions carried out on the card by visiting any ATM.

Points to note

On or before expiry date of this card, there is no option to top up or re-activate the card.

Gift cards can be bought by a customer who has a banking relationship using the online banking facility.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

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