What is Debit Card? All thing you about to know
What is Debit Card?
A debit card is basically a card used for fund transactions. Going by the name plastic cash, bank card and more, you can enjoy electronic access to your savings account in any bank via ATMs. You can deposit and withdraw as per your convenience this way without the hassle of standing in long queues. Same can be utilized for mobile banking and internet banking.
Types of Debit Cards in India
- Visa Debit Cards-These debit cards are issued with the bank’s tie-up with VISA payment services providing the Verified by Visa (VbV) 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 SecureCode platform.
- Contactless Debit Cards-Customers can make payments with just a tap or wave 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/her money through a robust, international network of compatible ATMs, POS outlets and online resources.
Top Banks providing Debit Cards in India
Indian consumers can choose from a wide range of debit cards offered by various Indian banks tailor made to suit their banking requirements. The list of banks are as follows
- State Bank of India Debit Card- SBI provides an eclectic array of Visa, MasterCard and RuPay debit cards customizing the card features depending on the customer’s needs. State Bank of India offers 10 different debit cards comprising of personal and business cards.
- HDFC Bank Debit Card- Hassle-free cashless shopping with HDFC debit cards and secure online transactions can be done with on Visa and MasterCard SecureCode platforms. Eleven debit card alternatives are offered by HDFC to Indian customers.
- ICICI Bank Debit Card-Pick an ICICI bank debit card of your choice and customize it with an image that is a reflection of your personality. ICICI customers can choose from an extensive selection of 31 cards categorised under Premium, Personal, Business, Expressions and Unifare.
- Axis Bank Debit Card-Axis Bank debit cards are packed with privileges and offers and customers also have the option of designing their own debit card. The bank offers a total of 17 debit cards categorised as Business, commercial, premium and other segment cards.
- PNB Debit Card-PNB debit cards are offered in collaboration with MasterCard and RuPay and are accepted at multiple merchant outlets worldwide. Customers can choose from 5 different types of debit cards along with add-on card if required.
- Canara Bank Debit Card-Customers can enjoy the convenience of cashless shopping with a Canara Bank MasterCard or Visa debit card. Offered in two variants the Canara Bank debit card comes loaded with exclusive privileges and features.
- Bank of India Debit Card-Offered on MasterCard, Visa and RuPay payment platforms, the Bank of India debit card is a one-of-a-kind card which is valid for domestic and international transactions. With a wide assortment of cards totalling upto 14, BOI debit cards are customised to suit the needs of every Indian consumer.
- Bank of Baroda Debit Card-Bank of Baroda offers six different types of personalized debit cards in association with Visa, MasterCard and RuPay to suit the lifestyle requirements of customers.
- Union Bank of India Debit Card-Union Bank of India provides international debit cards with multiple account access and add-on cards on the Verified by Visa (VbV) platform. Union Bank provides two types of debit cards to customers including a RuPay debit card.
- Syndicate Bank Debit Card-Customers can transact in a currency of their choice but pay in Rupees using their Syndicate Bank Global Debit Card. With half a dozen debit cards, Syndicate Bank tries to offer convenience and efficiency to its banking customers.
- HSBC Debit Card-HSBC offers Visa based debit cards to personal banking customers and HSBC debit cards can be used at multiple merchant outlets and ATMs worldwide. HDFC offers 11 types of debit cards and customers can choose a debit card depending on their savings account.
- IndusInd Bank Debit Card-IndusInd bank offers a mix of international and platinum debit cards on the Verified by Visa platform along with an exciting rewards program for customers. The bank offers four different types of debit cards depending on the account held.
- Citibank Debit Card- Citibank offers debit cards along with savings accounts and customers can enjoy unlimited benefits and add-on features with their Citibank debit cards.
- Standard Chartered Debit Card-Access your bank accounts from anywhere in the world, enjoying attractive privileges and offers with a Standard Chartered debit card. Offered in seven different variants, a standard Chartered debit card is a must-have card.
- YES Bank Debit Card-YES Bank offers two variants of international MasterCard debit cards namely - Gold and Silver, with unparalleled benefits. YES Bank provides four types of debit cards depending on the customer’s requirements.
Q.Can multiple accounts be linked to a debit card?
A.Yes, some banks give customers the option of linking several bank accounts to a single debit card.
Q.Do banks block debit cards if customers enter the wrong PIN during cash withdrawals?
A.Yes, any bank would block a customer’s debit card after three unsuccessful attempts at an ATM as a protective measure.
Q.Is the overdraft facility available with debit cards?
A.Overdraft facility is available with the savings account linked to a debit card but is not applicable on a particular debit card.
Q.What are the different costs associated with a debit card?
A.Some banks might charge issuance fees, ATM withdrawal charges and annual fees for the usage of debit cards.
Q.In India, what are the two types of debit cards generally issued to users?
A.Indian Banks provide 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.
International Debit Cards
Overview of International Debit Cards:
Journeying frequently (especially on a budget) literally translates to keeping track of every dime (without getting obsessed of course). It can be especially hard when you have to keep converting currencies. It is better to rely predominantly on debit cards rather than carrying cash or even credit cards. No matter where you go, ATMs can be easily accessed. At any bank's ATM, you may utilize your international ATM card to get money converted in the local currency, on condition that you have sufficient balance in the account. Debitcards are a good choice if you would rather use cash in your savings account.
Let us now check out international Debit card choices offered by India’s top five banks.
Top 5 Banks Offering International Debit Cards:
- State Bank of India
- ICICI Bank Limited
- HDFC Bank
- Axis Bank
- YES Bank