Demonetisation: Key benefits of using debit cards

Debit Card makes your payments much more convenient and secure through an   electronic payment facility directly from your bank account.

Last Updated: Dec 06, 2016, 12:10 PM IST
Demonetisation: Key benefits of using debit cards

Debit Card makes your payments much more convenient and secure through an   electronic payment facility directly from your bank account.

Debit card can be used for purchases online or at shops by directly debiting your Bank account. Debit cards can also be used to withdraw cash from an ATM.

Know below the key benefits of using debit cards:

-It is more convenient to carry a small, plastic card instead of a bulky cheque book or a large amount of cash.

-Easy to obtain:  Once you open an account most institutions will issue you a debit card upon request.

-Convenience: Purchases can be made using a chip-enabled terminal or by swiping the card rather than filling out a paper cheque.

-Safety: You don't have to carry cash or a cheque book. Debit cards are protected by a four digit pin number that you set yourself. This pin is needed to make any purchase with your debit card.

-Readily accepted: When out of town (or out of the country), debit cards are usually widely accepted (make sure to tell your financial institution you’re leaving your city; to not have an interruption in service).

-It’s a cash card too: Debit cards still have the ability to give you cash, you can take them to an ATM and use them there to withdraw the cash.

-Insurance: National Payment Corporation of India has introduced insurance cover in case of accidental death or permanent disablement of Rs 1 lakh for non-premium cards (RuPay Classic) and Rs 2 lakh for premium cards (RuPay Platinum) to eligible RuPay card holders. The RuPay insurance programme will continue for financial year 2016-17, i.e. from April 01, 2016 to March 31, 2017.

Source: PIB