Today, carrying around cash has become outdated. Whether a fruit vendor or grocery shop owner, everyone seems to have access to plastic money. It is a more convenient and safe way to conduct transactions. Besides, it promotes contactless transactions, which is essential in present times. A prime example of this is the Debit Card. It is a card issued by your banking partner and gives you access to your Savings Account funds.
This way, you need not hold too much cash wherever you go. Just swipe your card, and that takes care of your transaction. But despite its booming popularity, some are still unaware of its features. This prevents them from enjoying the perks entirely. So, here are a few distinctive features that will broaden your understanding of Debit Cards:
Bank Account
When you apply for Debit Card, it automatically gets linked to your Bank Account. As a result, you get immediate access to your money. This lets you manage your finances systematically. In some cases, you also can link multiple accounts to your card. However, check with your banking partner’s guidelines first.
Eligibility criteria
The eligibility criteria for an online Debit Card are simple. If you have a Bank Account, there is not much hassle. You only need to fill out an application form mentioning your account details. Upon doing so, you get your Debit Card within a few days. Some banks may even give it to you on the same day.
ATM access
Sometimes, you require physical cash for specific transactions. In such cases, a Debit Card comes to your rescue. It allows you to withdraw the desired amount from any ATM safely. Just enter your PIN, and you receive the cash.
Online transactions
Nowadays, people prefer to pay utility bills and make other payments online. This is where a Debit Card comes in handy. It lets you carry out online transactions with ease. Plus, Banking apps also offer this facility by linking your card with the wallet. This way, your job becomes more manageable.
Withdrawal limit
The withdrawal limit under the card varies between banks. Ideally, it ranges anywhere between Rs. 20,000 to Rs. 1 lakh. However, it should not exceed the minimum balance prescribed by your account. Such scenarios lead to penalties.
Overdraft facility
Banks offer an overdraft facility for Debit Cards. It allows you to compensate for the shortage of funds during emergencies. If you run short of your savings while buying groceries, with the help of the overdraft facility, use the required funds to pay for necessities. But before claiming this service, ensure you understand your bank’s fee structure.
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