What are Debit Card Charges?

What are Debit Card Charges?

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A detailed guide on debit card annual charges

Key Takeaways

  • Debit cards allow you to access funds in your bank accounts anytime.
  • Banks levy various types of debit card charges.
  • Standard charges include debit card transaction charges, annual charges, reissuance charges, etc.
  • Charges may depend on the average balances in your account.
  • Find out digibank by DBS debit card charges in this article.

A debit card is perhaps the most useful of all banking products. It allows you access to the funds in your account 24x7. Its sleek design also makes it very easy to carry with you anywhere. You can easily tuck it in one of your jeans’ pockets or carry it in a card wallet. Let us understand what debit card charges are and break down the various charges associated with them.

What are Debit Card Charges?

Your debit card can do a lot of things. It helps you withdraw cash at your own bank and other bank ATMs. You can swipe it to pay for expenses at retail and online stores. Furthermore, you can access your bank account even when you are abroad with your international ATM cum debit card. For all these services and facilities you get with your debit card, your bank levies a charge. These charges associated with the usage of debit cards and the convenience you get from them are known as debit card charges. Here is a schedule of the basic charges associated with digibank by DBS debit cards.

DBS Debit Card Annual Charges

The digibank by DBS Debit Card comes with a nominal annual fee of INR 150+18% GST, translating into another INR 27. As such, the total debit card annual charges are INR 177. The bank waives off this charge in the first year of opening the account and levies it from the second year onwards. The bank debits this amount from your Savings Account in July of each year. Additionally, the bank holds the discretion to levy a charge on the reissuance of physical debit cards.

Debit Card Transaction Charges

Like most banks, digibank by DBS also levies debit card charges based on your total relationship value (TRV) with the bank. TRV essentially indicates the monthly average balances you maintain in your bank accounts. For accounts with higher TRVs, digibank offers waivers on debit card charges. The TRV-specific debit card charges below can help you understand how much the bank charges you for debit card usage.

Total Relationship Value (TRV)*

Rs. 5 Lacs – Rs. 30 Lacs

Rs. 30 Lacs – Rs. 2 Crores

>= Rs. 2 Crores

Annual Fees - Primary / Joint Holder

Rs. 500, 2nd year onwards

Free

Free

Replacement of lost / stolen / damaged card

Rs. 150

Free

Free

FX Markup on Debit Card

3.50%

1.75%

1.50%

International Cash Withdrawal

Rs. 125 per Transaction

Free

Free

International Balance enquiry / Non-Financial per transaction

Rs. 25 per Transaction

Free

Free

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Other Charges

Besides these basic charges, banks also levy debit card transaction charges, especially when you exceed the number of transactions at ATMs. Here are the charges:

Type of Transaction

Frequency

Bank

Charge

Financial

Up to 5 Times

Own Bank ATMs

INR 17*

Non-Financial

INR 6*

Financial

Up to 3 Times (Metros) & up to 5 Times (Non Metros)

Other Bank ATMs

INR 21**

Non-Financial

 

INR 21**

*w.e.f. 1 Aug 2021

**w.e.f. Jan 2022

Happy shopping with the digibank by DBS debit card! Download the app to open your digiSavings account instantly and get your debit card!

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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