Bank of India has introduced a credit card specifically targetted towards Indian students.
The card, customised for individual educational institution, is issued to students with a validity period of six years. It can, according to BOI sources, be used for drawing cash at any BOI ATM as also ATMs of banks participating under `Cash Tree’ and `Bancs’ shared network, albeit with a cap on drawals.
While it offers usage convenience, it is not for free. The bank charges a one-time issuance fee of Rs 25/card, programme management charges (including transaction authorisation) of Rs 15/month, EDC machine rent of Rs 550/machine and commission at 1.5 per cent as applicable (based on volume).
However, the Bank has n ot disclosed any details on Credit Limit and APR on the same. Are they going to go soft on students ?