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    SBI launches multi-currency international debit card


State Bank of India (SBI) is in tie-up with MasterCard on Monday i.e. September 8th launched its first multi-currency international debit card to allow consumers to use a single card to pay in multiple currencies. “To begin with, the prepaid debit card will enable customers to load four currencies – US dollar, euro, Great Britain pound and Singapore dollar.  
            The multi-currency foreign travel card gives an option to load currencies of choice at SBI’s branch network. At present, the card can be issued at an annual fee of Rs. 100 without any interchange fee to customers. Customers will have to pay the traditional ATM withdrawal charges of $1.75 in the US, €1.5 in Europe, £1.25 in Britain and S$2 in Singapore. The card is aimed at corp orates and professionals, tourists and students travelling abroad and will be available at 100 SBI branches in four major cities. 
         The chip and pin security card also has additional features of a call centre and complimentary emergency assistance and is backed by MasterCard’s network of nearly 36 million merchant establishments and 1.9 million ATM's globally. India’s biggest banking network, State Bank of India have received permissions from the RBI to launch contactless debit cards which would enable customers to carry out transactions without entering a pin number.

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