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What is SBI Virtual Debit Card?

IndianMoney.com Research Team | Posted On Monday, February 10,2020, 03:31 PM

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What is SBI Virtual Debit Card?

 

 

SBI Virtual Card is nothing but a debit card with a limit. SBI recently introduced virtual cards for all the net-banking users. SBI Virtual Card is mainly used by internet shopping. You can pay on e-commerce websites like Amazon or Flipkart. SBI Virtual Card is not a physical card; it’s simply identified by its number. The virtual card meets all RBI requirements. SBI Virtual Card improves the security for all SBI card holders and helps issue prepaid payment instruments (PPIs).

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What is SBI Virtual Debit Card?

Salient Features of SBI Virtual Card

  • Apply for SBI virtual card with SBI internet banking facility.
  • You can transact with a minimum amount of just Rs 100 and a maximum amount of Rs 50,000. (SBI virtual card minimum transaction amount is Rs 100).
  • The SBI virtual card is valid for 48 hours. Its single-use only for one transaction. This card cannot be used again.
  • SBI virtual card has no issuance fees and there are no limits on the number of SBI virtual cards that can be applied in a day.
  • You can use the card for online payments only in Indian Rupees. This is applicable in India, Nepal and Bhutan only.
  • The SBI virtual cards are created and the online transactions authorized only after successful validation of OTP. The OTP is sent to user’s registered mobile number. (This is your account holder).
  • After a successful SBI virtual card validation, you get to see SBI virtual card image, card number and the expiry date on the screen.

See Also: Are You Confused About Whether To Use Your Credit or Debit Card?

Is SBI Virtual Card Safe?

There is no danger of losing the SBI Virtual Card. Well, it’s available on your mobile phone. You are safe from fraudsters who use phishing as they can’t access card details at say ATM machines.

You can easily set limits on SBI virtual cards which reduces risk from fraudsters. The SBI virtual card is generated by marking a lien on an underlying account. Account-holders don’t lose interest.

Your bank account gets debited only when an actual transaction is made. If SBI virtual card is canceled, the lien mark gets lifted.

See Also: Credit or Debit Card: Which One is Safer To Use

SBI Virtual Card Improvement

The use of SBI virtual cards must be extended to POS at restaurants and retail hotels. This would be great to pay Utility Bills online and even for cash withdrawal at ATMs. Currently, only internet banking customers apply for virtual cards. Banks must extend usage even to foreign transactions on International merchant websites.

See Also: Differences Between Credit Card And Debit Card

How To Create SBI Virtual Card?

  • You must login to your SBI online banking account at www.onlinesbi.com.
  • You then click on the e-card tab right on the top bar.
  • You will have to click on the generate virtual card tab.
  • You select the bank account where you want to transfer money to virtual card. Enter the amount and make the transfer.
  • You then agree to the terms and conditions simply by clicking on the tick box and click on generate.
  • Verify debit card account number, virtual card limit and cardholder’s name. An OTP is sent to registered mobile number. Enter OTP on registered mobile number. You then click on confirm.
  • After a successful validation, the card image and card number along with the expiry date would be displayed on-screen.
  • Your SBI virtual card is easily generated and can be used for e-commerce transactions.

See Also: A brief about Debit Card

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