Debit Card

The public sector lender Canara Bank has hiked its debit card service charges on various card types.

Each bank offers its own debit card to customers, but most of these cards can broadly be divided into three categories - Visa, MasterCard and RuPay card. Read further to know what these cards offer.

A credit card allows you to borrow money for your usage at a predetermined interest rate whereas a debit card will let you spend your own money through a plastic card.

For international transactions, online transactions, contactless transactions, customers will have to separately set up services on their new cardThe new rules are part of RBI's 15 January notification issued for security and transparency purposes

If the customer wants to use the card outside India, they need to ask the bank to enable international transactionsThe Reserve Bank of India has recently introduced a host of measures to curb banking fraud and misuse of cards

For international transactions, online transactions and contactless transactions, customers who get new cards from 16 March will have to separately set up services on their cardThose with old cards can decide whether to disable any of these features

RBI asks banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card Existing cards which have never been used for online, international or in contactless transactions, will see such facilities disabled mandatorily

The new provisions issued by RBI will be applicable to both new and existing card users Existing cards which have never been used for online/ international/ contactless transactions shall be mandatorily disabled while those using new cards will have to specificially opt in for services

RBI asks banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of cardFor international transactions, online transactions and contactless transactions, customers will have to separately set up services on their card

A failed ATM or debit card transaction is one which has not been completed due to any reason not attributable to the customerThe RBI has specified compensation if the failed transactions are not reversed within a specified period