A prepaid card is a card preloaded with funds, which you can use for your payments. You will be able to make purchases with the card, only when there are enough funds on it.

Each time you make a purchase or withdraw cash from an ATM with your MCB prepaid card, the amount used or withdrawn is deducted from the card balance.

If there are insufficient funds on the card, transactions will be declined. You will therefore need to fund the card before using it.

In order to purchase an MCB Prepaid card, you need to hold an MCB account.

Any prepaid card issued will have the customer’s name on it.

• When loading the card, upon each funds transfer to it, a loading fee is levied.
• Where the transaction currency differs from the card currency, a conversion fee is applied. This pertains to both purchases and cash withdrawals.

Different loading limits are applicable while loading prepaid cards.

• Limits at both product and customer level

• The annual loading limit is Rs 1.8 m
• The daily and monthly loading limit is Rs 350,000, provided the annual limit of Rs 1.8m is not exceeded

For example, if you have loaded the maximum limit of Rs 350,000 on your card in a particular month, you will not be able to load additional funds on the card during the same month. However, if you spend Rs 150,000, then your balance at the end of the month will be Rs 200,000. Thus, you will be able to load up to Rs 150,000 the next month.

Note: The daily and monthly limit depends on the annual limit of Rs 1.8 m, which should not be exceeded.

If you have a combination of prepaid cards, the limit per product applies first, followed by the cumulative maximum amount limit at customer level.

• The annual loading limit is Rs 1.8 m per card while the combined annual loading limit for all cards is Rs 10.2m
• The daily and monthly loading limit is Rs 350,000 per card while the combined daily and monthly loading limit for all cards is Rs 850,000

For example, if you have 3 prepaid cards and have loaded 2 cards with Rs 350,000 each, you will only be able to load up to Rs 150,000 on the 3rd card in order not to exceed the combined daily and monthly limit of Rs 850,000.

Now, if you have a total combined balance of Rs 700,000 for all your 3 cards and spend Rs 600,000 during the current month, irrespective of which of the 3 cards you use, you will have a remaining balance of Rs 100,000 at the end of the month. Thus, you will be able to load a combined amount of up to Rs 750,000 on your 3 cards the next month, in order not to exceed the combined daily and monthly limit of Rs 850,000.

Note: The total combined daily and monthly limit depends on the total combined annual limit of Rs 10.2 m, which should not be exceeded.

For the protection of our cardholders, there are limits to ATM cash withdrawals.

The daily limit for Prepaid cards is Rs 10,000 for withdrawals made locally and Rs 20,000 or the equivalent in foreign currencies for overseas withdrawals.

However, some ATM acquirers set their own daily limits. In such cases, you will have to make your cash withdrawals according to these limits.

Upon a payment with your prepaid card, provided the card is sufficiently funded:

• The Bank authorises the transaction and the funds are retained on the card during a limited time period as defined by the Bank.
• The Merchant then settles the transaction with the Bank either on the transaction date or any other next days.
• Afterwards, the Bank processes the transaction.

2 main reasons may account for a negative card balance:

• Where the transaction currency differs from the card currency, a cross currency transaction occurs. Given that the transaction is processed upon settlement as explained above, the Bank rate applicable will be on the processing date for such cross-currency transactions. The rate may differ from the rate used when transaction was authorised. If the rate is higher, it leads to a negative balance if your card does not have sufficient funds to cover the higher rate.
• If a transaction is settled beyond the time period as defined by the bank, the amount of this transaction will be debited from the card account irrespective of the available balance.

It is to be noted that the customer remains liable to the bank for the amount due.

Where a negative balance is created following any transaction initiated or authorised by the cardholder, the cardholder agrees to refund MCB in respect of any outstanding debit balance on his/her card account within a maximum of 45 days. The amount funded should cover at least the negative balance and other associated fees, such as loading fee.

Several reasons may be associated to declined transactions, mainly:

Insufficient funds

• The available funds on your card are less than your transaction amount
• When loading your card, a loading fee is applicable, which is deducted from your card balance. For example, if you have loaded your card with Rs 1,000 and try to spend the Rs 1,000, your transaction will be declined as your card balance will be less than Rs 1,000 following the deduction of the loading fee.
• For cross-currency transactions, you must ensure that there are significant sufficient funds on your card (at least 5% above the transaction amount) to provide for conversion fees applicable in addition to the purchase amount at the time transaction is authorised.

Card Verification Value (CVV)

• If you wrongly enter your CVV 9 consecutive times, you will not be able to transact with the card.

The MCB Prepaid card is not renewable upon expiry. You should therefore apply for a new card.

Any remaining balance on the expired card will be credited to your account (upon notifying the Bank) after 15 days as per the bank’s records. Bank charges will be applied accordingly, where appropriate.