New ATM card, credit card rules to be effective from October 1: All you need to know
If you are a customer of ICICI Bank or SBI or any other bank, then you must have received a message saying that from September 30, international transaction services are being discontinued your card. So you do not panic. This has been done for your protection only.
New Delhi: In fact, the Reserve Bank of India (RBI) had ordered all banks to stop increasing frauds on debit and credit cards, so that they do not unnecessarily give international facilities to customers’ cards, unless the customer himself demands it.
Apart from this, many other changes have been made today i.e. from September 30 on your credit and debit card, so that you will have better control over your card and will also reduce the risk of fraud.
What is the change regarding the debit card or credit card from today?
Initially, you will be able to use your debit card or credit card only to pay with PoS (Point of Sale) or withdraw money from ATM. This change will be applicable to all existing cards, new cards or most recently renew cards.
Newly issued cards can only be used in PoS or ATMs. Apart from this, if you want to use the cards for online, contactless or international transactions, then you have to start these services manually. You can start these services through mobile app or NetBanking. Apart from this, these services can also be started by going to ATM or bank branch.
For old or existing debit and credit cards in which online, contactless and international services were never used, these services will be discontinued. But whether or not to offer these services in renewed cards or newly issued cards, the bank will decide on its discretion.
The on-Off system is the best way to avoid card fraud that you can turn services on and off at any time as per your wish. For example, if you do not want to transact with PoS or ATM, you only want to make an online payment, then you can disable and enable it at any time. Apart from this, you can also limit the amount withdrawn from your card, for example, if you want that your card cannot be paid more than 5000 rupees in a day or withdraw from ATM, then you can make it fix and You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 perimeter given by the bank.
How to manage debit-credit card services
1. First of all, you have to log in to your bank account through mobile or net banking.
2. Then go to the cards section, select ‘manage cards’
3. In this you will get two options domestic and international
4. Choose the option from which you have to change
5. If you want to close the transaction turn it off if you want to start then turn on
6. If you want to limit the limit of the transaction, you can also do it according to the mode
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