Axis Bank launches 'My Money Card'

Company Brief

New Delhi, May 23, 2011

Axis Bank, India's third largest private sector Bank, today announced the launch of the 'My Money Card', an innovative money management tool for today's youth. The Card is a prepaid, re-loadable, rupee-denominated card on the VISA platform which enables parents to disburse money to their children staying away from home. The Card can be used for cash withdrawals at ATMs, POS transactions at VISA enabled terminals and for online shopping through 'Verified by VISA'.

The 'My Money Card' is designed to meet the banking / payment needs of the youth. It is an excellent tool to make today's youth financially responsible by making them aware of their expenses and inculcating a habit of spending wisely. The card also gives parents the opportunity to track their wards' spends and a convenient mode of disbursement of funds.

Mr. R. K. Bammi, President & Head – Retail Banking, Axis Bank commenting on the launch said, "Axis Bank is the leader in the prepaid cards business and is currently offering a bouquet of innovative rupee-denominated prepaid cards to customers for different payment needs. Axis Bank is committed to being a total solutions bank and the 'My Money Card' is another step in that direction."

One of the major advantages of the card is the fact that parents can set usage limits on the card usage as well as withdrawal limits at ATMs. The card can be funded by parents by paying cash at any Axis Bank Branch or by depositing Cheques/DDs at any branch. The money gets transferred to the card in real time in the case of cash transactions.

The 'My Money Card' has a five year validity and has a lost card liability insurance cover of up to Rs. 50,000/-. The card also offers the user numerous discount offers from merchant outlets of leading youth brands.

For further information, please contact:

Axis Bank

Julius Samson

Tel: 022-24254604

Email: anand.mugad@axisbank.com