New Debit Card and Credit Card Terms of the Reserve Bank of India

Since October 1, new rules regarding Reserve Bank Debit card & Credit card have come into force to ensure the security of money transfer transactions.

Since October 1, new rules regarding Reserve Bank Debit card & Credit card have come into force to ensure the security of money transfer transactions. The new rules will affect taxpayers, investors, depositors and customers.

Significant include the deadline changes for revised income tax filing Revised ITR and the new rules for credit and debit cards.

All new Debit and Credit cards, including convertible cards, can only be used for domestic transactions at ATMs and Point of Sale (PoS) terminals.

If cardholders wish to use their Debit and Credit cards' online transactions, international transactions and any other facility including Contactless Payment, they will only be allowed to register with their bank to avail the services.

If customers want to use their cards outside India, they need to approach their bank and activate the international transaction service. Until now, the cards issued by most banks have been in a position to be used anywhere in the world.

Banks have the right to deactivate and reissue used cards based on risk factors. In addition, the bank has the power to disable any individual who has not previously used their card for online transactions, international transactions and Contactless Payment.

Holders of Credit & Debit Cards have the option to modify or remove their entire Cards or only certain features such as ATMs and online transactions. Also, customers can set their own transaction limits.

24 * 7 Service

The Reserve Bank of India (RBI) has asked banks to provide customers with the facility to change their service limits through 24 * 7 operating mobile processors and net banking services. These services should also be available at bank branches and ATMs.

NFC Technology Based Card

Many banks are issuing cards based on NFC technology. This way customers do not need to swipe their cards or plug in to the PoS terminal. These are also called Contactless Payment.

Customers will have the option to enable or disable the NFC feature.

Pirident Gift Card

These new features are not particularly applicable to Pirident gift cards and cards used in mass transit systems.