Bank of Maldives (BML) has offered exclusive discounts on transactions made on Point of Sale (POS) terminals for BML-issued Student Debit Cards.
BML said discounts up to ten percent will be offered from retail shops, restaurants and bookshops when BML Student Cards are used.
BML's Student Card is designed to help children learn practical money management skills and give them a sense of independence. The card is available for children aged 7 and above. Parents can send money, guide spending, manage the card functions and through this experience, teach children important financial habits from a young age.
The Card features two designs – one for children aged 7 - 12 and the other for those aged 13 - 17. Parents can apply for a Student Card from the BML Mobile Banking App, through which they will also have access to card management features such as freezing and unfreezing cards, blocking cards or changing PIN. For added security, One-Time Password (OTP) verifications for online or high value transactions will also be sent to the parent’s registered mobile number.
The card is issued as a Visa Debit card, has zero fees and can be used for both local and international transactions. It also offers a first-of-its-kind benefit for children with an annual rebate of 0.5% on total amount spent using the card. The rebate, provided at the end of year, will be automatically credited to the child’s savings account, allowing for smart saving even while spending.
The card also offers overseas spending limit of USD 100 per month. For students residing abroad, USD 1,200 will be available per month upon registration.