It's an existential problem with many of us. There's a wedding, birthday, special occasion warranting a special gift and, as usual, we are stumped. So we run pillar to post, from family to friends to the Internet, trying to figure out the ideal, unforgettable gift.

Kotak Mahindra Bank [Get Quote] says they have the solution to this problem. Their answer? A brand new pre-paid debit card.

How it works

Walk into any Kotak Bank and buy a Best Compliments card.

Deciding the worth of the card is your call. It could be as low as Rs 500. You could even increase its value in multiples of Rs 500 - so it could be Rs 1,000, Rs 1,500 and so on. The maximum limit on the card is Rs 25,000.

Then, it is up to you. You can use this card yourself or gift it to anyone you like.

The person you gift it to uses it like a credit/debit card. It can be used for payments at any place in India that accepts a Visa card -- this could store, a restaurant, etc.

Of course, once the card's limit is reached, you can no longer use it. Should you want to refill it, you can do so for a fee of Rs 50.

To keep a tab on the balance available on your Best Compliments card, check it at any Kotak Bank ATM.

What it will cost you

You will pay Rs 100 to purchase the card.

Irrespective of the amount left on the card, it will expire two years after the date of purchase.

The logic

You can get your parents to give it to you if you are in college and ask them to fix the limit.

Or you could give it to a parent or a spouse.

Can you use the card to withdraw cash?

When you are given the card, you will also be given a Personal Identification Number.

To check the balance at the ATM, you will need to use this PIN (exactly the way you use your ATM or debit card).

You will also need the PIN if you want to use the card to withdraw cash.

So if you are gifting it to your younger sibling or your child and strictly don't want them handling cash, don't give them the PIN.

They can call Kotak's toll free number 1600 226022 to enquire about the balance on the card.