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A brief about Debit Card

    IndianMoney.com Research Team | Monday, April 06,2009, 07:35 PM
 

It is popularly known, as ATM card on the progress. The Debit Card gives you the liberty to access your Savings or Current Account at merchant locations and ATMs. Whenever you make payments, the amount will be instantly debited to your account. There are around more than 5.3 lakh Visa/PLUS ATMs and equally strong MasterCard/ Cirrus ATMs in over 140 countries worldwide. All your purchases and cash withdrawals will be in the currency of the country you are in, while your account will be debited in rupees. So you needn't carry traveler’s cheques or foreign exchange the next time you travel.

All you need to do is present your card to the merchant who will swipe it through the electronic incurable and enter the amount of your purchase. You only need to sign the transaction slip. Your account will be automatically debited for the amount of your purchase. At merchant locations that have a PIN pad, you may be required to confirm the transaction by entering your PIN.

Your Debit Card can be used to access your Account from over Shops, Department Stores, Petrol Pumps and Restaurants and over ATMs in India. You can also use it at over Visa Electron merchant locations and equally strong Master Card outlets. If Debit Card ever gets lost or stolen, card companies protect you from fraudulent usage the moment you report the loss. They won’t charge anything for this service. There are many Debit cards in India now.

You can get a Debit card : If you already have a savings or current account with the debt card issuer, you just have to file an application form. The card company then couriers the card across to you in around a 15 to 20 days. If you don’t have an account, you have to open an account first and request for the debit card to be issued to your residence.

Is there any transaction limits for the debit card : The Debit card does have a daily limit where you can withdraw Rs. 15,000 at ATMs, and Rs. 10,000 at merchant locations. This will be depending on the balance available in your account.

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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