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Xoxoday's Multi-Benefit Card is a prepaid instrument issued on the RuPay platform by your organization. It can used on food and non-alcoholic beverages, fuel, telecom spends among others with a wide acceptance. It is an employee benefit card that offers a tax exemption to employees.
As per the Income Tax Act, the money loaded into Multi-Benefits card within the prescribed limits is tax-exempt and hence allows for tax saving.
The card is available both in Physical and Virtual forms.
The card allows the employer to improve the financial wellness of an employee by increasing the take home salary.
There is no eligibility Criteria for this product.
The employee can track their expenses through the web portal that will extended to them. Also, SMS alerts will be sent on every transcation.
Since the card is powered by Rupay's payment network, it is accepted in all POS devices and E-com portals.
If the card is lost or stolen, it can blocked through the web portal extended to the employee
If an employee requires a physical card, associated charges will be incurred. The card doesn't carry any hidden or maintenance fee.
Activation of cards depends on the availability of user’s details prior to dispatch of cards or as per client requirement. Once user’s details are received, Xoxoday card gets activated.
It will depend on the company policy. If your organization asks you to return the card, the same can be done through the Admin portal extended to the Corporate. The card balance will be withdrawn by the admin and settled in FnF after adjusting for tax deductions. If your organisation asks you to retain the card, the card can be used till the balance is exhausted or the card expires.
As per RBI regulations, no meal card can be used for withdrawal of cash.
With minimum KYC, the maximum card balance is INR 10,000 and with Full KYC done, maximum card balance is INR 2,00,000.
