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RBI`s new debit card, credit card rules: All you need to know

RBI`s new debit card rules : All you need to know. Reserve Bank of India (RBI) has made changes in the credit and debit card rules...........

By groundreportdesk
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RBI`s new debit card rules : Reserve Bank of India (RBI) has made changes in the credit and debit card rules. These changes to be made by RBI come into effect from 1st october. It is important to know about these changes to avoid trouble for those using debit and credit cards. Credit and debit card holders got time due to the Covid-19 epidemic, otherwise these rules were already in force.

Customers will now have to register priority for international transactions, online transactions and contactless card transactions. Customers will get this service only after applying for it.

RBI told banks that customers should allow domestic transactions while issuing debit and credit cards. According to this, if withdrawing money from ATM and not at the POS terminal, do not allow foreign transactions if not required.

Customers have been provided with the facility that they can avail foreign transactions on their card at any time. The customer is also empowered to activate or remove any service on his card.

The customer can change the limit of his transaction at any time of the day. Now you can change the limit of your card at any time through mobile app, internet banking, ATM machine or IVR.

Let's take a look at what all changes when RBI's new guidelines are effective from October 1.

RBI`s new debit card rules

  • As per new guidelines, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions.
  • The debit and credit card servies will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals.
  • Both debit and credit holders will now be allowed to set up transaction limit.
  •  The card holders will have option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce or NFC.
  • RBI has asked all banks, card issuing companies to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.
  • Card holders will also get the option to enable or disable the NFC feature also.

Apart from this, you can also limit the amount withdrawn from your card, for example, if you want that your card cannot be paid more than 5000 rupees in a day or withdraw from ATM, then you can make it Can fix You can increase or decrease it whenever you want, ie you will have complete control over your card. But this limit should be within the limit given by the bank.

  • First of all, you have to log in to your bank account through mobile or netbanking.
  • Then go to the Cards section, select Manage Card.
  • In this you will get two options Domestic and International.
  • Choose the option from which to change it.
  • If you want to close the transaction, then turn it off, if you want to start, turn it on.
  • If you want to limit the limit of the transaction, you can also do it according to the mode

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