StanChart unveils debit card for SMEs

The card provides different limits, flexibility in transaction, high daily cash withdrawal and access to complimentary privileges for card holders.

Standard Chartered Bank, on Monday said that it has launched its SME Banking World Debit Card, a first-of-its-kind cash management tool that provides convenience, savings and relationship rewards for small-and- medium-enterprise (SME) customers.

This debit card is available to all SME customers having a transactional account with the bank. 

"The card is a feature of Standard Chartered's strengthened SME Banking offering launched last year," a press release issued here stated. 

The Standard Chartered SME Banking World Debit Card, designed to cater to the specific needs of SMEs, has the feature of being a first-to-market proposition of enabling different limits for different cardholders, thus mitigating the risk due to multiple cards. 

The other feature is that a debit card for each account signatory is now possible, thus enabling greater convenience and flexibility in transacting, the release said. 

It also a high daily cash withdrawal and spending limit of up to a maximum of Rs 5 lakh ($11,170) to support business spends, which the bank said is the highest in the market. The card also provides international access with global payments at over 30 million establishments and cash withdrawal from more than 1 million ATMs worldwide. 

View the full story in The Economic Times.