Debit card enables cashless transactions and is the right tool in the digital age. Post demonetization, the significance of a debit card has increased by manifold. It caters to your every need, be it shopping, travel, or any other online transactions. It also enables mobile banking and internet banking. Also, there is zero tendency of falling into the debt trap as spending is restricted to the available credit in your account.
You get a debit card on opening a savings account with any bank. In fact, a debit card is available by default on opening a savings account, and you don't need to apply separately for the same. The most common benefit of a debit card is access to cash via ATMs whenever you need it.
Debit cards are generally classified on the payment processing companies
Master Card is accepted internationally more widely than others
Mastreo is debit card service owned by MasterCard. Each transaction through Mastreo card requires you to enter the pin code, making transactions more secure
VISA is most commonly used debit card in India. It has same features as in as Master Card
Visa Electron Debit Card is a sister card to Visa with a difference that Visa Electron does not allow overdraft feature
RuPay was launched by NPCI under domestic card scheme to facilitate the domestic card transactions in India. Its an Indian debit card service
Below are the features and benefits of Debit Card
Usually you avail a debit card by default once you open a Savings/ Current/ OD account at a particular bank
1. Indian citizen with savings account or NRI with NRE savings account
2. Age above 18yrs. For 15yrs-18yrs you can opt for a minor's account
You can avail Debit Card by default with your savings account without extra documentation. Usually you require