Several banks offer gift card services, which varies from bank to bank.
It is not necessary to be a customer of that bank from where you are purchasing card. This is helpful as if you are a customer of that particular bank you don’t have to submit any extra document.
If you are not the customer of that bank you will have to submit your know your customer (KYC) details.
They are very helpful in online shopping as there they function as debit cards.
If your card is lost do inform your bank. They will deactivate your card to avoid any misuse of the card.
How gift cards function?
Although different banks offer different services there are some common features which all banks offer.
You can load amount as per your choice and budget
The unused fund is not redeemed if the validity of your card expires.
To know your balance most of the banks offer call services whereas there are some which give cards with a pin which you use an ATM to know your balance although you cannot withdraw any amount from it.
several international gift cards are also available which function in the same way the only advantage they offer is that they are applicable all over the world or for countries they are produced. Online international gift cards are also available.