StanChart group launches aXcessPlus with debit card

Our Banking Bureau

Mumbai, Oct 30: The Standard Chartered group on Tuesday launched ‘aXcessPlus’, a new savings account with a globally valid debit card. The group has introduced the Standard Chartered (StanChart) and the Standard Chartered Grindlays (StanChart Grindlays) debit card on the Visa Electron platform.

The debit card is free for the first year and then onwards, a customer has to pay Rs 100 per annum as charges. The debit card will give access to over 1,100 ATMs across India that display the Visa logo. The access to these ATMs is free of charge up to four cash withdrawals per account per month in India. After the fourth withdrawal in the month, the customer has to pay a charge of Rs 40 for any additional withdrawal in the month.

A customer survey has shown that the average use of an ATM by a customer is one to two cash transactions per month. Free access to StanChart and StanChart Grindlays’ ATMs is unlimited.

The card would also provide access to over 6,50,000 Visa ATMs worldwide for cash withdrawals from the Indian rupee account, subject to the Reserve Bank of India (RBI) regulations.

The insurance features of the debit card include zero lost card liability up to Rs 50,000, global purchase protection up to Rs 15,000 for 90 days and personal accident insurance for Rs 2,50,000. The personal accident insurance is available for customers who maintain an average quarterly balance of Rs 50,000 and above.

StanChart’s head, consumer banking, India, Vishu Ramachandran said: “With ‘aXcessPlus’, we have leveraged technology to set new benchmarks for consumer banking in India. Our international experience has shown that a dynamic savings account like ‘aXcessPlus’, along with a globally accepted debit card, provides the customer the power of convenience and technology.”