Mumbai: Private sector lender Axis Bank on Monday announced to launch 'My Money Card', an innovative money management tool aimed at the youth.

The card is a prepaid, re-loadable, rupee-denominated card on the VISA platform which enables parents to disburse money to their children staying away from home. The card can be used for cash withdrawals at ATMs, POS transactions at VISA enabled terminals and for online shopping through 'Verified by VISA', a press release issued here stated.

"The My Money Card is designed to meet the banking/ payment needs of the youth. It is an excellent tool to make today's youth financially responsible by making them aware of their expenses and inculcating a habit of spending wisely.

The card also gives parents the opportunity to track their wards' spends and a convenient mode of disbursement of funds," it said.

Axis Bank's President & Head-Retail Banking R K Bammi said, "Axis Bank is the leader in the prepaid cards business and is currently offering a bouquet of innovative rupee-denominated prepaid cards to customers for different payment needs.

Axis Bank is committed to being a total solutions bank and the My Money Card is another step in that direction". One of the major advantages of the card is the fact that parents can set usage limits on the card usage as well as withdrawal limits at ATMs, the release said.

The card can be funded by parents by paying cash at any Axis Bank branch or by depositing cheques/DDs at any branch. The money gets transferred to the card in real-time in the case of cash transactions, it added.

The My Money Card has five year validity and has a lost card liability insurance cover of up to Rs 50,000. The card also offers the user numerous discount offers from merchant outlets of leading youth brands, the release said.