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Home / Money / Personal-finance /  Yes Bank’s ‘InControl’ feature

Yes Bank has launched a feature, Yes InControl, which can help control debit card spends. Launched in partnership with MasterCard, it will aid customers in setting usage parameters and limits for debit cards. One can use this feature through Net banking login, and the set parameters become active on a real-time basis. Customers of the bank can also modify limits for linked add-on cards. The bank plans to extend the facility to mobile banking as well. According to bank executives, the facility will be free of charge for select customers, while others would have to pay a fee, which is to be decided.

HOW DOES IT WORK?

To use the facility, you need to log into Net banking. There are four types of parameters—budget controls, country settings, merchant category controls and ‘time of the day’ control. Under Budget Control, you can set spending limits. For example, if you want to limit the amount spent on a single transaction such as a large purchase, you can set a limit. You can choose to get alerts if the purchase exceeds a particular amount. You can also block a card if a purchase exceeds a certain amount.

If you set a limit of, say, 25,000, even though you have a higher daily limit on the card, usage would get restricted as per instructions given under InControl. Daily,weekly or monthly budget limits can be set.

If you don’t want to stop transactions, you have an option to subscribe for alerts when the limit is reached so that the transaction does not get declined.

Under country settings, you can limit the international usage of the card geographically in six regions, including North America, Africa, Australia and Europe. You can choose one or more countries.

Under merchant category controls, you can restrict transactions at 13 types of merchants, such as car rental and transportation, hotels, restaurants, groceries and pharmacies, office supplies, gambling and retail shopping.

With the ‘time of the day’ control, you can restrict card usage to a particular time period, and block and unblock your card accordingly. For instance, you could set up no card usage between 10pm and 10am everyday.

The limits set on the primary card can also be copied to your other cards from the bank. Customers would receive transaction alerts through SMS and email.

MINT MONEY TAKE

There are other banks that offer similar features. For example, with Axis Bank’s ‘Total Control’, one can set card limits, and switch the card on or off using internet banking, mobile banking, SMS or phone banking. Yes InControl offers multiple ways to set limits. This facility might be useful for those who want to cultivate financial discipline. If spouse, children or parents have add-on cards, the facility can help limit their expenditure using these cards. Adding more merchant categories and SMS and email alerts when changes to limits are made, would help.

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