A detailed guide on debit card annual charges
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.
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.
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.
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
Replacement of lost / stolen / damaged card
FX Markup on Debit Card
International Cash Withdrawal
Rs. 125 per Transaction
International Balance enquiry / Non-Financial per transaction
Rs. 25 per Transaction
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
Up to 5 Times
Own Bank ATMs
Up to 3 Times (Metros) & up to 5 Times (Non Metros)
Other Bank ATMs
*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!
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.