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Debit cards

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A debit card is basically a card used for fund transactions. It is a plastic payment card and you can enjoy electronic access to your savings account in any bank through ATMs. You can deposit or withdraw according to your convenience this way without the hassle of standing in long queues. Same can be used for mobile banking and internet banking. Some cards may bear a stored value with which a payment is made while most of them send a message to the cardholder’s bank to withdraw funds from a payer’s nominated bank account.

The card can be used instead of cash when making purchase. In some cases the primary account number is assigned exclusively for use on the internet. In many countries the use of debit cards has become so widespread that their volume has overtaken or completely replaced cheques and in some instances cash transactions. The development of debit cards unlike credit cards and charge cards has generally been country specific causes in a number of different systems throughout the world.

At a Glance

  • Types of debit cards in India
  • Which Banks are offering Debit cards in India
  • EMI on Debit Card features
  • How to choose a debit card
  • Tips for secure use of your debit card
  • How to apply for a debit card
  • Benefits of Debit Card
  • Who can apply for a debit card
  • Can multiple accounts be connected with a debit card
  • Do banks block debit cards if customers enter the wrong PIN during cash withdrawals
  • Is overdraft facility available with debit cards
  • Several costs linked with a debit card
  • How many types of debit cards issued to users in India
  • Daily cash withdrawal and transaction limit
  • Annual Maintenance Charges
  • ICICI Bank Debit Card at a glance
  • Use of State Bank Classic Debit Card

Types Of Debit Cards In India

There are 6 types of debit cards in India. They are as follows:

  • Visa Debit Cards

These debit cards are issued with the bank’s tie-up with VISA payment services provided that they are verified by Visa platform for online transactions.

  • Visa Electron Debit Cards

Visa Electron debit cards are very similar to Visa debit cards but these cards do not provide the overdraft feature.

  • MasterCard Debit Cards

A MasterCard Cirrus Card or a MasterCard Maestro Card gives customers access to their funds worldwide and they can perform online transactions using their bank accounts on the MasterCard Secure Code platform.

  • Contactless Debit Cards

Customers can make payments with just a tap or signal of their contactless debit cards near PoS terminals, with the cards working on Near Field Technology (NFC) thereby making electronic payments safer.

  • RuPay Debit Cards

Introduced as a domestic card scheme by the NPCI, RuPay debit cards facilitate online purchases and transactions on the Discover network and ATM transactions under the National Financial Switch network.

  • Maestro Debit Card

Founded in 1992, Maestro from MasterCard is a premier, international debit card service that has been popularly adopted at over 13 million locations spread across 100+ countries around the world. Maestro, as easily identified by the signature logo on all partner cards, helps the customer gain immediate access to his or her money through a healthy, international network of compatible ATMs, POS outlets and online resources.

Which Banks are offering Debit cards in India

Indian consumers can choose from a wide collection of debit cards offered by different Indian banks. They have tailored their services to suit their banking requirements. The lists of banks are as follows:

  • State Bank of India Debit Card

SBI offers an eclectic array of Visa, MasterCard and RuPay debit cards tailoring the card features that depend on the requirements of the customers. State Bank of India provides 10 different debit cards including personal and business cards.

  • HDFC Bank Debit Card

Stress-free cashless shopping with HDFC debit cards and safe online transactions can be done with on Visa and MasterCard SecureCode platforms. Eleven debit card alternatives are provided by HDFC to the Indian customers.

  • ICICI Bank Debit Card

ICICI customers can select from an extensive range of 31 cards categorized under Premium, Personal, Business, Expressions and Unifare.

  • Axis Bank Debit Card

Axis Bank debit cards are packed with benefits and offers. Customers also have the option to design their own debit cards. The bank provides a total of 17 debit cards classified as Business, commercial, premium and other section cards.

  • PNB Debit Card

PNB Debit Cards are offered in collaboration with Master Card and RuPay. They are accepted at the different merchant outlets worldwide. Customers can select 5 types of debit cards along with add-on card if necessary.

  • Canara Bank Debit Card

Customers can enjoy cashless shopping with a Canara Bank Master Card or Visa Debit card. It is provided in two varieties. This card comes with exclusive benefits and features.

EMI On Debit Card Features

  • It has no processing fee
  • Time option of 3, 6, 9, 12, 18, 24 months
  • Low interest rate of 13% for 3, 6, 9 and 12 months time. The rate of interest is 15% for 18 and 24 months time.
  • EMI facility is applicable on all transactions above Rs 10000
  • EMI conversion without any problem of any paperwork

How To Choose A Debit Card

Customers holding savings or current account should always select a debit card suitable for their accounts and the expenses they would incur. Compare some debit cards before making your choice. You should guess what each card is providing. It provides information about the fees levied, the services provided and the minimum balance needs before signing off on a card. Additionally some debit cards also give rewards program and these can beneficial to higher spenders.

Tips for secure use of your debit card

Following tips are useful to prevent the misuse of your debit card:

  • Keep your PIN a secret
  • Report loss of your debit card
  • Keep an eye on your email
  • Follow RBI’s mandate
  • Make online payments through secure platforms
  • Follow SMS alerts
  • Keep your card protected
  • Keep a track of your money in the account

How To Apply For A Debit Card

BankBazaar offers a convenient online process to apply for any debit card of your choice with instant e-approvals. Customers can compare the different debit cards offered by banks and pick what they find right for themselves. The home page shows a Finance menu and the customers can select the debit card option under the ‘Cards’ drop down list. User will be taken to a page containing links to specific debit and credit card pages. Clicking on the debit card link will take them to the info page on debit cards. BankBazaar customers can guess what each card gives and select the card they want. You can click on ‘Apply now’ and submit the application of the customers and they will get an instant e-approval through email. Their application will then be forwarded to the bank for further processing.

Benefits of Debit Card

  • Debit cards are easy alternative to cash. They are simple and can be handled conveniently.
  • Debit cards can be used to withdraw cash from an ATM and also for merchant transactions at Point of Sale terminals.
  • Banks provide amazing things like cash back offers, bonus points, free insurance coverage and a collection of redeeming options for accumulated points, debit cards will make your complete purchase experience more pleasing.
  • Debit cards encourage a habit of responsible spending since the cardholder can use their own money within account limits. It also helps in better budgeting and money management.
  • A debit card provides more safety and therefore reduces the chances of fraud, theft and other misuses.

Who can apply for a debit card

An individual who has a savings account and want to prevent the risk of carrying liquid cash can apply for a debit card.

Can Multiple Accounts Be Connected With A Debit Card

Some banks give customers the option of linking several bank accounts to a single debit card.

Do Banks Block Debit Cards If Customers Enter The Wrong Pin During Cash Withdrawals

Yes any bank will block a customer’s debit card after three unsuccessful attempts at an ATM as a protective measure.

Is Overdraft Facility Available With Debit Cards

Overdraft facility is available with the savings account connected with a debit card but it is not applicable on a specific debit card.

Several Costs Linked With A Debit Card

Some banks may charge insurance fees, ATM withdrawal charges and annual fees for the use of debit cards.

How Many Types Of Debit Cards Issued To Users In India

Indian banks offer two types of debit cards issued to users in India. They are personalized and non-personalized variants to debit card users. Personalized debit cards additionally contain the user’s name and photograph. Non-personalized cards will just have the bank logo, card details and the payment platform logo without any user related information.

Daily cash withdrawal and transaction limit

State Bank Classic Debit Card

Domestic

Daily Cash Limit at ATMs

Minimum

Rs 100

Maximum

Rs 40000

Daily point of Sales or e-commerce limit

Minimum

No Limit

Maximum

Rs 50000

 

Annual Maintenance Charges

Particulars

Charges

Issuance Charges

Nil

Annual Maintenance Charges

Rs 100 plus service tax per annum from the second year of issuance

Card Replacement Charges

Rs 204 including service tax

ICICI Bank Debit Card At A Glance

  • Pay for anything from eating out with family to a trip abroad
  • Online shopping and booking of the travel tickets
  • Payment of your utility bills
  • Withdraw cash throughout the world

Use of State Bank Classic Debit Card

  • For shopping at more than 5 lakh merchant outlets in India.
  • For booking movie tickets, bill payments, travel and other online purchase and also online payment with safe Master Secure Code or verified by Visa.
  • To withdraw cash from State Bank Group ATMs or other ATMs in India.

Bottom Line

Getting a debit card is convenient for every individual. What it brings are security and happiness and prevents you carrying liquid cash with you. So make it a habit of keeping debit card with any bank near your locality. Even it is more important that you are keeping a debit card with any bank that ensures that your money is secure and also brings you the return. Go for such a bank that can give you debit card and no tension in the future.

Your To-Do List

Step 1: Contact at the Bank from which you want to get a debit card along with required documents and know the requirements of the Bank for getting a debit card.

Step 2: Take the form from the Bank and fill the form properly. You can apply online to get a debit card. You require filling the form online.

Step 3: After filling the form you require submitting the form to the Bank.

Step 4: After the submission of the form you will get this after a stipulated time.

Step 5: Take PIN number from the Bank to operate the Debit card properly.

How we help our customers

Step 1: We have years of Banking experience and can tell you which Bank’s debit card will best suit your purpose.

Step 2: We will undertake a study on your behalf about which bank’s debit card will give you maximum safety and best suits your needs.

Step 3: Debit card requires account opening and it needs lots of documentation and so requires time. We value your time and perform all the paperwork to open a saving account.

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