Q1. What is a debit card?
It is the most convenient and secure way to say no to cash. Through debit cards you can get access to cash in your bank account round the clock. You can use it to make payments online and use it at point-of-sales (POS). You can also use your debit card for making balance enquiry and generating mini-statements from an ATM.
Q2. How is a debit card different from a credit card?
In the case of debit card, you use the money from your own bank account; while in the case of a credit card, you are receiving credit from your bank which you will have to repay at a later date with interest.
Q3. How can you get a debit card?
It generally comes as a part of the account opening kit of the bank. In case you didn’t receive a debit card while opening a bank account or if you have an old account which was opened when debit cards were not there, you can call on the bank’s customer care number or visit their branch to request for a debit card.
Q4. What is a Personal Identification Number (PIN)?
It’s a four-digit unique number that gives access to your cash and allows you to make any transaction (withdrawal, balance enquiry, mini-statement) through your ATM. It is very important that you keep your PIN safe and confidential and not share it with anybody. Never write the PIN on the back of the debit card.
Q5. What to do if you forgot your PIN or if it is not working?
You can get a new debit card PIN online through net banking or by visiting a bank’s ATM. You will have to give your debit card number and CVV number printed on the back of your card and a new PIN number will be sent on your registered mobile number.
Q6. Is there any transaction limit on the amount that can be withdrawn using a debit card?
Yes, there are limits on daily cash withdrawals depending on the type of debit card you hold. You can withdraw from Rs 15,000 to Rs 2 lakh or even higher, depending on the type of card you are using. In case of premium cards, cash withdrawal and point-of-sales (POS) limits are higher.
Q7. Is there any limit on the number of transactions I can make on my debit card?
Yes, some banks have transaction limits such as four transactions a day.
Q8. Are any charges levied for using a debit card for cash withdrawal?
Usually cash withdrawals from the same bank’s ATMs are absolutely free. However, some banks charge a nominal fee in case there are more than five transactions from your bank’s ATM.
Q9. Are any charges levied on using a debit card for transaction at another bank’s ATM?
The transaction charges on using another bank’s ATMs depend from card to card. Generally, the first five transactions made per month by using a debit card at another bank’s ATM are free. However, after this limit, a fee of Rs 20 is levied on every transaction done on other bank’s ATM.
Q10. Are there any charges on using the debit card on POS or online shopping?
No charges are levied for using debit card at POS or for doing online shopping.
Q11. Is there any renewal fees?
Debit cards are generally renewed free of cost, however few banks charge a nominal fees.
Q12. What to do in case of loss of debit card?
In case of loss of card, you should immediately report the loss on the bank’s customer care number. The card will be blocked after you answer some questions from the customer care. Also, you will have to report the loss to the nearest police station. Submit the copy of information duly acknowledged by the police to the bank.
Q13. If the lost card is found later can it be used?
No, a card once lost and blocked can’t be re-used. You will have to get a new card issued from your bank. If you find your lost card you can destroy it.