Own a debit card? You should know about its charges too

own-a-debit-card-you-should-know-about-its-charges-too

Your bank provides you various facilities like ATMs, online money transfer etc. but how does bank benefit from these services? Other than the interest that bank charges on the loan provided it also charges you with some fees and file charges in order to keep providing you these services.

Benefits of debit cards-

  • The card is encrypted with a 4 digit PIN, so it’s secure for making transactions.
  • You will get notified via an OTP every time an amount is deducted from your debit card.
  • You don’t have to worry about misplacing the card, as the stolen card will do no good to anyone unless the person knows your PIN and gets the OTP.

What are these charges and how often are they deducted?

While debit cards are issued free of cost for the first time, the bank charges you for various other services related to the debit card like reissuance of debit card in case it is lost and services like annual maintenance charges and minimum balance non maintenance charges.

Charges by different banks-

State Bank of India (SBI)-

SBI being a govt bank provides free service of depositing cash in the account linked with debit card.for cash deposits in third party accounts, there is a nominal charge of rs 22+GST per transaction.

There is no charge for issuance of debit card by SBI.

Annual maintenance charges for classic debit cards are Rs.125 and for Platinum debit cards are RS.200

For regular SMS alerts, SBI charges a fee of Rs 15 inclusive of GST but for salary accounts there is no such fees.

 

ICICI BANK-

The bank charges a fee of rs 499 as joining fees and also the same amount of 499 rs for issuance of CORAL DEBIT CARDS.

For changing/regenerating the debit card pin, icici bank charges a fee of rs.25, this fee is waived if pin regeneration is made offline by visiting the branch or through customer care.

HDFC BANK-

The first time issuance of debit card is free of cost, but in case a debit card is lost, the replacement fee of Rs 200+ taxes is applicable.

No fees is charged for transactions done on petrolpumps of Hindustan Petroleum (h.p),indian oil,bharat petroleum (b.p)

For booking tickets through IRCTC website, the bank charges a fee of 1.8% of the transaction amount.

For generating an ATM pin the bank charges a fee of Rs 50+GST.

While the bank provides 5 free transaction at it’s own ATM branches

 

Also, different banks have different offers going on like cashback offers, and 10% off on products, or you can earn free points and redeem them when you pay using a bank’s debit card.

So choose your bank wisely.

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