what is debit card
what is debit card? Today, we will learn about it. If you have a Bank Account, then obviously you will know what an ATM or Debit card is, but if you are opening your account at a bank for the first time, then you will have many questions regarding Plastic cards. To overcome this problem of yours, today, through this post, we will give you complete information about debit cards.
Through this article of ours, you will get answers to many questions, like, what is debit card? What is the function of a debit card? What are the advantages of debit card? And how to pay with a debit card? Etc. So let's know. Complete information about Debit cards
what is debit card
Debit card is a type of plastic card. Which we use to withdraw money from ATM machines and make online payments. A debit card is directly connected to our savings or Current Account. With which we can withdraw our money when needed without going to the bank, or we can transfer or transact money with the help of Online Electronic Banking.:– This card is completely prepaid. Because of this, the money withdrawn on every transaction is deducted from your bank account.
:– A 16-digit number is written on the front of the card, in which the first 6 digits are called the Bank Identification Number and the last 10 digits are the cardholder's Account Number.
:– Apart from this, there is a CVV (Card Verification Value) code of 3 digits on the back of the card. Which we use as a security code to complete Online transactions.
advantages of debit card
1: If you do not have money, you can withdraw from an ATM Machine using a debit card, which is a direct link from your bank.
2: Using this, you can do things like Online Bill Payment, Mobile Recharge, Ticket booking, and Online Shopping from home.
3: You can use a debit card to buy an item in a shop or make a bill payment after having dinner in a restaurant.
4: If you are going somewhere, then you do not need to carry much cash. All you have to do is keep your Debit Card with you. Now, if needed, you can block the Debit Card at that address. If, for some reason, your Debit Card is lost, you do not need to be afraid because you have to enter the Confidential PIN Number to withdraw your money. Which is also known as the Green PIN. Without which, no one can withdraw money from your debit card.
5: A Debit Card gives us more security, so it protects the card from Fraud and from being misused in many ways.
6: Through your debit card, you can easily know about all transactions through SMS alerts.
debit card disadvantages
1: If this card is stolen, then there is a danger of its misuse. However, in the event of its loss or theft, you can block that debit card with your registered mobile number.2: A Debit card is also used online. That's why there is a greater possibility of online fraud. But if you are careful, you can avoid online fraud.
3: If you use your debit card more than its daily limit, then you have to pay some charge to the bank.
4: You can withdraw as much money as you want in one day by going to the bank, but you can withdraw only $40,000 in one day with the help of a debit card.
5: When you use your debit card through an ATM, sometimes money gets deducted from your account. But you do not get that money; in this situation, you have to lodge a complaint with your bank. Sometimes this happens due to a technical fault.
6: Most debit cards are not enabled for international payments. In this condition, you have to apply for another debit card, or else you have to get another ATM card made.
what is a virtual debit card
You must have heard about Virtual Debit cards Many times. A virtual debit card means you have a debit card but not a physical one. For example, if you have a Paytm Payments Bank account, this bank provides you with a Visa virtual debit card.You can use it anywhere but can't withdraw money from ATMs because you don't have a physical card. You can order a card by paying a fee of Rs. 250.
It means a virtual debit card and a physical debit card are the same. You can keep the physical card in your pocket while the virtual debit card is stored on your Net Banking ID or app.
types of debit cards
There are many types of debit cards in India; some of the main ones are as follows:RuPay Debit Card
Visa Debit Card
Maestro Debit Card
Contactless Debit Card
MasterCard
Platinum Debit Card
Rupay Debit Card – This card was launched by the Government of India's NPCI (National Payment Corporation of India) on March 12, 2012. It was brought to India thinking that it could avoid paying unnecessary charges to the cards of foreign companies like VISA, Master Card, etc. used in India, and that money would remain in India.
Visa Debit Card – Are This card is most commonly used with IndiVisa ISA debit cards, which are popular all over the world. It is a United States company.
Maestro Debit Card – This card is also used by many banks in India. But let us tell you that this card is not used by ICICI Bank. This card comes under the ownership of Mastercard.
Contactless Debit Card – About 50% of transactions in India are less than ₹2000. Therefore, according to the rules of the RBI, such transactions can be done without the PIN of the card; hence, a Contactless Debit Card has been created. This card is provided by many banks. Transactions through this card are very fast.
Mastercard – Mastercard is the most used card around the world, and let us tell you that you can use it abroad as well.
If this question is arising in your mind, What is the difference between all these debit cards? Then let me tell you that this is a payment processing network, but due to the presence of different Network Companies, there is some slight difference between them, but everyone's work is the same.
debit card size
The debit card is a plastic card of size 3.370 in X 2.125 in (88.66 mm X 53.98 mm).how does a debit card work
First of all, let us tell you what the special points of a debit card are that are used in every transaction.Debit Card Number
Expiry Date
Card PIN Number
CVV Number
Grid Number
One-Time Password
Magnetic strips made of black
To transact with an ATM Machine or Swipe Machine, first of all, swipe your debit card in this machine. At the same time, with the help of the magnetic strip attached to the debit card in that machine, it takes all the information from your bank and asks you for permission to enter your card's PIN. After entering the PIN, the transaction process starts.
In the process of an online transaction (such as online shopping or recharging), you have to enter the complete information of your card, i.e., card number, expiry date, OTP, CVV, your name, and PIN Number. After entering this much, you get an OTP on your registered mobile number. After entering, your payment becomes successful.
The CVV number and grid number are written on the back of the Debit card, and the Card number and expiration date are written on the front of the card.
Some important precautions for debit cards
1: Always keep your debit card PIN safe. Do not share this with anyone.2: While doing online transactions, transact only on a secure website.
3: Do not give the card to anyone just because there is a possibility of fraud, even without the password.
4: Do not share the OTP received on your mobile related to the card with anyone and delete it immediately after using it.
5: Do not give the mobile number registered with your bank account to anyone. In this situation, your account can be stolen even without an OTP.
what is the difference between debit and credit card
Credit Card:
A credit card is a financial instrument and a type of credit facility issued by banks to borrow money with a pre-defined credit limit, thereby helping customers carry out cashless transactions. The card issuer sets a credit limit based on your credit score, credit history, and income.
Credit cards enable customers to shop and transact for goods and services online. This means that a credit card allows customers to make purchases and pay for them later. In that sense, it is like a short-term loan. When you use a credit card to make a purchase, you are essentially using the credit card company's or bank's money.
Debit Card:
A debit card is a card that the bank gives to the customer and is linked to the customer's bank account. On the other hand, a debit card is a more multi-functional card. Apart from ATMs, it is accepted for transactions at many places, like stores, restaurants, and online. Whenever a transaction is done with a debit card, the amount is deducted from the customer's bank account.Debit Card Fee (Does a debit card have an annual fee?)
The Bank levies an annual Debit Card fee on all customers who avail themselves of the debit card facility. You can also call it an annual maintenance fee. There are many types of debit cards, and all the banks levy different charges for different cards.how to apply for a debit card
How to use a debit card is a frequently asked question. It is asked by many people because, even today, many people do not have any knowledge about this subject. So let us know about it in some detail today.By the way, when you open a new account at a bank, Whether it is a savings account or a current account, you are given an Active Card along with a passbook and a chequebook. which we also call an ATM Card.
If it is assumed that the bankers did not give you the debit card, Then there is nothing to worry about because you can get it easily, so let's know how to apply for a debit card.
There are two ways to apply for Debit Card:-
1: how to apply for debit card online
To apply for an online Debit Card, first of all, you have to go to the official website of the bank. The bank whose Debit Card you use For example, we get to know how to apply for debit card in SBI.how to apply for debit card in sbi
Step II: On logging in to SBI Internet Banking, you will see a Dashboard. Above which the button for eServices will appear. You will also have the option to apply for an SBI Debit Card.
Step III: After selecting the eServices Option, the Dashboard will open in front of you. There will be many options, and you will have to use the ATM Card Services option.
Step IV: After clicking on ATM Card Services, you will get five options in front of you. In which you have to click on Request ATM or Debit Card Option to apply for a new debit card.
Step V: After going to request an ATM or Debit Card, a Dashboard will open in front of you. Here, you have to select your name and the type of Debit Card you want to apply for.
Here you will get the option to select many types of Debit cards, but you have to select the Debit Card according to your needs. If you want to use your Debit Card only in India, Whether it is offline or online, you should select the Rupay Debit Card.
If you want to apply for online transactions or use your debit card abroad, then you can use a Global, International, VISA, or Master Card.
After selecting the type of sBI Debit Card, you have to click on I Accept Terms and Conditions and proceed further.
Step VI: Now your Address Bar will open in front of you. In which you have to enter that address. On which you have to get your SBI Debit Card delivered.
Step VII: Now you have to get your Verification Confirmed. In which you will get two options: with the help of the first option, an OTP will be sent to your registered mobile number, and with the second option, your profile password, you can select any option you want.
After doing all these processes, your Debit Card will be applied, and in a few days you will get your own Debit Card at your Registered Address.
To apply for a new SBI Debit Card, the bank will charge you ₹ 350, which will be deducted from your account.
2. how to apply for debit card offline
If you have to apply for an offline debit card, you will have to go directly to the bank with which you have an account.By going there, you will have to go to the counter for your Debit Card. From whom the form for applying for a debit card is to be taken.
As soon as you get the form, you have to fill out all the necessary details that will be asked in that form.
After filling out the form, that form has to be submitted to the same counter. After that, after 15 to 20 days, your debit card will be delivered to the address you provided in that form.
In many banks, you are given a debit card immediately. Immediately after you get the debit card, it is activated with the help of a PIN Code.
During this, you have to keep your Registered Mobile Number with you because your OTP comes on it. With which you can activate this card.
how to pay with a debit card
We generally use Debit cards to make online payments and withdraw money. Especially in today's time, Debit cards are used a lot for online payments. Even all e-commerce websites give the option of making payments on their website. If you do online shopping at Amazon, then you can make payments through a debit card there too.For this, you have to go to Select a Payment Method. Here you will see many payment options. In which you have to use a debit card.
At last, you have to fill out the details of your debit card. Like your Name, Card Number, Expiry Date, and CVV, and then after that, you have to click on Continue.
Now you will get an OTP on the Register Mobile Number. Your transaction will be completed as soon as you enter the OTP.
Questions and Answers
Q: Which bank first introduced the debit card?
Axis Bank.
Q: Who brought the first debit card into the world?
Barclay's 1987.
Q: When was the first debit card started in India?
in 1987.
Q: Which is the first debit card in India?
RuPay Debit Card.
Q: By what other name is the debit card known?
Plastic card and ATM card.
Q: What is the balance on the debit card?
The debit card is linked to the bank account, i.e., whenever you make a purchase or withdrawal using the debit card, the balance is deducted from your bank account. The debit card balance is your bank account savings balance.
Q: What is the number of the debit card?
A debit card is a 16-digit number; this debit card has an expiration month and date and a 3-digit CVV number.
Q: Does it cost money to get a new debit card?
Most debit cards are free to the customer, but in some cases, getting a new debit card involves charges such as an issuance or connection fee, an annual fee, and a card replacement fee.
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