Get detailed Debit Card information – Uses, benefits, & security measures
Modern banking has evolved to a whole new level today. But the credit for revolutionising the banking industry undoubtedly belongs to Credit or Debit Cards. By swiping your card, you can make all kinds of offline and online purchases, make bill payments, and do so much more. Let us decode what is debit card in this article.
ATM-cum-Debit Cards are plastic payment cards that your bank issues when you open an account with them. It is linked to your Savings, Current, or Checking Account. When you swipe your debit card, funds are directly debited from the linked account and transferred into the payees’ accounts. These cards typically come with a Europay, MasterCard and Visa (EMV) chip embossed on them. Also known as an ATM card, you can use it to withdraw cash at ATM kiosks and vestibules.
Having explained What is Debit Card, here are its many uses:
Besides knowing Debit card meaning, you should be aware of its unique features and benefits such as:
Banks take the necessary consumer protection measures like PINs and OTPs to ensure your funds are protected. As the cardholder, you must ensure that you do not share your debit card information, such as your PIN, Card Number, CVV, etc., with anyone. Do not write down these details on your phone, computers, or rough pieces of paper in your wallet. If your Debit Card is stolen or misplaced, contact the card issuer to block your card or freeze your account.
A Debit Card is like carrying your bank in your pockets. You can swipe it anytime you need to pay for something. Ensure you check the daily transaction and withdrawal limits prescribed by your bank. You can enjoy a world of benefits with your Debit Card.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.