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28 Mar 2023
A Quick Insight into Debit Cards
Different Types of Debit Cards in India
Visa Debit Cards
VISA Opulence Debit Card
Visa Signature Debit Card
Visa Platinum DI Debit Card
Visa Classic DI Debit Card
VISA Vyapaar DI Debit Card
Mastercard Debit Card
MasterCard Classic DI Debit Card
RuPay Debit Cards
RuPay Platinum DI Debit Card
RuPay Select DI Debit Card
RuPay Qsparc NCMC Debit Card
bob World Yoddha Debit Card
Contactless Debit Cards
Virtual Debit Card
How to Choose the Right Type of Debit Card?
Conclusion
The advent of debit cards has added convenience to the way an individual handles their fund safely. The plastic card is powered with seamless transaction abilities allowing the cardholder to make cashless transactions. A step closer to digital banking , debit cards have brought the Indian population closer to realizing the ease of handling virtual cash from their savings or current accounts. With time, the ATM Card has merged into the debit card with several other facilities. Banks have introduced different types of debit cards ranging from contactless to swipe cards, the digital revolution boosted by the banking sector has widened its multiple uses. For detailed knowledge of the different types of debit cards , read on to understand the specifics of each.
When an account is opened, the banks offer an additional debit card. There are various types of debit cards offered by banks, with almost similar features as a credit card , barring credit. With debit cards, users can track their funds and spend from their savings. Debit cards are also issued to corporate entities linked to current accounts. Let us take you through the different types of debit cards in India, and their features.
Transforming monetary transactions, debit cards allow access to instantly use cashless funds and withdraw money from ATMs. From paying bills to making online payments, the concept of digitizing payment was initiated speedily with greater community engagement with debit cards. Let us find out how many types of debit cards are there in the market.
Visa is the most common type of debit card globally accepted and extensively used in India. Amped with additional security, the card is layered for safety and protection when transactions are performed. The bank issues these debit cards and ties the card with the international Visa Payment System network. Indian banks provide classic visa electron debit cards which are Visa card types. Visa has various types of debit cards each with unique features that include Visa Classic Debit Card, Visa Gold Debit Card, Visa Platinum Debit Card, Visa Signature Debit Card, and Visa Infinite Debit Card. We will talk about a few of them in details.
The next most popular international debit card is the Mastercard debit card, known for its reward program benefits and excellent customer support. The SecureCode payment of the company allows users to access their savings and current accounts safely. Also, logging the details of transactions taking place in a month, the card offers an auto ledger helping individuals to track their spending instantly. One of the most widely used is the Mastercard classic DI debit card.
When we mention the different types of debit cards in India, RuPay debit cards feature at the top of the list. This is an Indian domestic debit card introduced by the National Payments Corporation of India. Facilitating rural India and enabling electronic access to payment, these cards come with added accidental insurance. An alternative to Visa and Mastercard, RuPay classic debit card and RuPay select debit cards have lower processing charges and transaction costs.
Issued exclusively to defence personnel maintaining Salary / Pension accounts under SB-186, the card allows a maximum withdrawal limit of Rs. 1,50,000/- per day and a POS/Ecom limit of Rs.5,00,000/-. Contactless transactions without a PIN at POS are up to Rs. 5000. Insurance of up to Rs.10 lacs in the case of accident or disability. Members get complimentary domestic lounge access in a quarter and international lounge two free access every year. They are eligible for one free spa session, membership to a gym, and discounted access to gold sessions with one complementary game or lesson in the premium courses once every year. Members can avail of complementary health check-ups.
Contactless transaction cards that directly connects with the PoS allowing payment up to Rs. 5,000 without PIN at POS.
Virtual debit cards are instantly activated safe cards. Saving time and energy, you can pay utility bills, book flights, and rail tickets, and shop online. All transactions are channelled through self-generated mobile banking. Users can easily block and unblock their cards, enabling cashless transactions and making usage easy and convenient. The card is issued to Individual accounts holder / Self-Operated Savings, Current and Overdraft accounts. Virtual cards do not have any issuance fees, but if converted to physical Debit Cards, a fee is levied.
The choice of your debit card depends on various factors. While sometimes you do not have a choice and accept and use the debit cards offered with your account by the bank, premium debit cards need to be selected by customers. How to choose a debit card when selecting premium cards, from your bank? When banks offer you to select a card, you must go through the benefits and features accompanying the card. Each card comes with a fee, regular debit cards have low fees, but premium cards have premium fees, merely for the advantages they offer. So, when you fall into the top niche category, ensure your card lives up to a wide range of offers and facilities at par with the fee attached to the card. Read the terms and conditions thoroughly before taking a decision.
A debit card enables cashless transactions. With enhanced safety, customers enjoy more payment freedom with debit cards. Debit cards are added with benefits and attractive offers and discounts. Some debit cards are like credit cards offering EMI facilities for customers. The top debit card providers with premium offers and elevated safety include the Bank of Baroda. Check with the bank to ensure you receive the best offers on your card.
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Debit cards have become powerful banking instruments that have gone much beyond simple cash from teller counters. Amped with a plethora of services, debit cards are loaded with rewards. You should check out the wide option of debit cards offered by the Bank of Baroda. Meeting the standards of your lifestyle, and reaching out to the exact customer demands, the debit card permeates its reach to clothes, food, lifestyle, health, travel, etc. Making life easy, the Bank of Baroda debit card offers owners pride with the wide array of facilities attached to them.
A debit card is a convenient alternative to cash availability linked to the savings or current account. Starting the tradition of a cashless society, a debit card can be called the first step to digital banking. From ATM cash withdrawal/deposit, cashless purchases, and contactless swipe payments to online payment; cash management becomes so much easier with debit cards . Account holders are spending their own money, unlike credit cards. If spending can be regulated, the advantages of debit cards are unmatched. So, what are the benefits of debit card? Let us regard the features and advantages of debit cards.
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