Debit Card | What is Debit Card? Difference between Debit Card and Credit Card - Scheme News

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Do you know what is Debit Card? Generally people here consider ATM as Debit Card. But it is not so. The ATM we get from the bank is also of two types – Debit Card and Credit Card. And due to lack of information, people consider ATM as Debit Card. If you want to know all the information related to Debit Card, then read this article till the end. Here all the things have been told to you in detail.

What is Debit Card

Debit Card is a square plastic card. This card is made available by the bank to its customers. Debit Card is linked to your Bank Account. You can withdraw only as much money as is there in your account. You can use it for withdrawing money through ATM machine, online transaction, swiping through swipe machine etc.

What is International Debit Card

International Debit Card is used while traveling abroad. Through this, you can do money transaction and cash withdrawal in foreign countries by visiting the ATM withdrawal center. The more times you use this card, you will keep getting extra cash back and prizes in your account.

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How does Debit Card Work

Debit Card works in the following way –

When you insert your debit card in the ATM machine to withdraw money, the machine collects your account details and instructs you to enter the ATM PIN. After a few moments you get the amount.

Debit Card no., Expiry Date, CVV and OTP are required in the online transaction process. Online transaction takes place after filling all these information correctly.

When you insert a debit card in the swipe machine, it takes your necessary account information from the black magnetic strip present on it and after entering the ATM PIN, the transaction process is completed.

*Debit Card no., Expiry Date, ATM Chip is on the front of the Debit Card and Black Magnetic Strip and CVV are on the back.

Types of Debit Card

Mainly 5 types of Debit cards are used in India –

1.) RuPay Debit Card

Government of India launched it in March 2012 under NPCI (National Payments Corporation of India).
Since most of the electronic transactions in India are domestic transactions rather than international, the Government of India launched it to help people avoid extra charges from foreign companies.

2.) MasterCard Debit Card

The most popular and used Debit Card in the world.

3.) Visa Debit Card

This is mostly used in India.
It is most popular all over the world for online and electronic transactions.

4.) Maestro Debit Card

Same as Master Card.
You can also use it abroad.
Apart from ICICI Bank, all other banks give these cards to their customers.

5.) Visa Electron Debit Card

It is also called Visa Debit Card.
It is used to control expenses.
Overdraft facility is not available to such cardholders.

How to Apply for Debit Card

When you open an account in a bank, there is a Debit Card option in the opening form itself. You have to tick on this and you get the Debit Card along with the passbook etc. But if for some reason you are not able to apply for Debit Card at the time of account opening, you can apply later also through online or offline mode.

How to apply online

Go to the online portal of the concerned bank.
Login to the portal.
Click on the option of ATM Card Service there.
Fill the required basic details.
Select the type of ATM card you want.
Fill in the address at which you want to order the Debit Card.
Now submit the form.
After this, your Debit Card will be prepared and reach your given address in 10 to 15 days.

How to apply offline

Go to the concerned bank branch.
Take the Debit Card Apply Form there.
Fill all the correct information in the form.
Submit the form in the bank.
*Debit Card will reach your given address in 10-15 days.

How to Create ATM Pin

To create ATM PIN, follow the steps given below –

When the Debit Card is made and comes to you, you will get the Debit Card through Message, IVR, Netbanking or the envelope in which you receive the Debit Card. It has a Four Digit Pin which remains valid for 24 hours. You will get the same from your respective bank within 24 hours. Have to go to ATM.
First of all, insert your debit card in the ATM card reader and click on the Banking option. After this, click on the Pin Change option. Here you will be given instructions to enter the new PIN. Whatever 4 digit PIN you want to keep, enter it and confirm it. After this you will get a slip on which it will be written PIN Changed Successfully. This means your PIN has changed. Now you can transact with your Debit Card using this PIN.

If you do not get any 4 digit PIN after getting the Debit Card, then you can follow the process given below:-

Insert the Debit Card in the ATM card reader and click on the Pin Generation option.
After this, enter your account number and click on the Confirm option.
After this you can enter your registered mobile number. Enter and click on Confirm option.
Now a 4 digit PIN will come on your mobile number.
Once you get the 4 digit PIN, follow the process mentioned above to create the PIN.

How to Use Debit Card

You can use Debit Card in the following ways –

Insert your Debit Card in the ATM Machine.
After this the machine reads your card.
After this the machine gives instructions to enter the ATM PIN.
After this, many options related to your banking are available.
Now choose the option as per your need and follow the given instructions.

Advantages of Debit Card

The main advantages of Debit Card are as follows –

You can withdraw money from Debit Card from any corner of the country.
You can do online or offline shopping.
There is no need to keep much cash with you.
It is very easy to use.

Disadvantages of Debit Card

The main disadvantages of Debit Card are as follows –

With this you can withdraw only as much money as is in your account.
Cannot transact on credit.
If someone knows your card details then you may be in danger.
The number of withdrawals from Debit Card is limited. Extra charges are levied for withdrawing money more than this.
You cannot withdraw more than Rs 40,000 in a day.
Loss of debit card can lead to misuse. Although you are using Registered Mobile No. The card can be blocked if it is lost.

Difference Between Debit Card and Credit Card

Difference between Debit Card and Credit Card:-

From Debit Card, you can withdraw only as much money as is in your bank account, whereas in Credit Card, a certain limit is fixed by the bank. Every month, you have to repay the amount of money you spend from Credit Card to the bank. .
Through Debit Card you spend your money whereas in Credit Card you are given loan by the bank.
There is no charge for withdrawing money from ATM through Debit Card whereas there is additional charge on Credit Card.
People use Debit Card to withdraw money whereas Credit Card is used for shopping.
This is all the information about Debit Card. Also the difference between Debit Card and Credit Card has also been explained. Hope you guys got all the information.

Some commonly asked questions about Debit Card are:

Q. What is the difference between debit card and credit card?

The money you use on debit card is yours whereas the money you use on credit card is borrowed from the bank.

Q. How many rupees can be withdrawn from debit card in a day?

Through debit card, you can withdraw Rs 20 thousand to maximum Rs 40 thousand in a day.

Q. How many days does it take for a debit card to be made?

After applying for the debit card, it is made in 10 to 15 days and reaches the address given by you in the application form.

Debit Card | What is Debit Card? Difference between Debit Card and Credit Card