Know your Debit Card Online Transaction Limit – New RBI Guideline

Debit-card-online-transaction-limit

Debit card is a plastic card and when we buy something online, it is used as payment method instead of cash or paper money. In some country it is known as bank card or plastic money. For purchase through e-com website, every bank set online transaction limit. Now in this article we will discuss how much online transaction limit is provided on your debit card and new guideline issued by RBI on debit card online transaction limit.

    Debit Card Online Transaction limit:

    Following the demonetization of 500 and thousands of these currencies in India by our Honorable Prime Minister, Narendra Modi ji, people find it difficult to do their daily transaction every day. We find a lot of people standing in front of banks and ATM centers to exchange their old currencies and to withdraw the amount from their bank account.

    Today in India most of us have an ATM card or a debit card and many of us also do have the credit cards. Debit and credit card are considered to be an integral part of alternative delivery channels in banking sector. In order to provide value added services, all banks are now offering debit card facility to their customer. To arrest banking fraud and misuse of debit card, each bank has set some debit card online transaction limit as per use of the card. This online transaction limit can be increased or reduced as per customer’s usages.

    Debit card online transaction limit and Cash withdrawal limit of various banks:

    The debit card online transaction limit and cash withdrawal limit of some banks are given below.

    1. SBI online transaction limit per day:

    In term of business, SBI is considered to be largest bank in the country. It offers debit card facility to its customer and it varies depending on the need and uses of the customers. The cash withdrawal and online transaction limit of debit card depends on the type of card the customer uses.

    Sr

    Type of Card

    Transaction limit

    SBI Pride Master Cared

     

    Daily Cash Withdrawal Limit

    Rs. 1 Lakh (Domestic and International  withdrawal)

     

    Online Transaction limit (POS / E-com)

    Rs. 2 lakh  (Domestic and International )

     

    Card issuance charges

    Rs. 300 (Plus GST)

     

    Annual maintenance Charge

    Rs. 250 (Plus GST)

    SBI Platinum Debit cum ATM Card

     

    Daily Cash Withdrawal Limit

    Rs. 2 Lakh (Domestic and International  withdrawal)

     

    Online Transaction limit (POS / E-com)

    Rs. 5 lakh  (Domestic and International )

     

    Card issuance charges

    Rs. 300 (Plus GST)

     

    Annual maintenance Charge

    Rs. 300 (Plus GST)

    SBI Silver International Debit Card

     

    Daily Cash Withdrawal Limit

    Rs. 40000 within India internationally varies to 1000 US Dollars or equivalent thereof as per exchange rate of the country.

     

    Online Transaction limit (POS / E-com)

    Rs. 75000 Upper cap limit, internationally varies to 15000 US Dollars or equivalent thereof

    SBI Classic Debit Card

     

    Daily Cash Withdrawal Limit

    Min Rs. 100 and max Rs. 20000

     

    Online Transaction limit (POS / E-com)

    Upper cap limit Rs. 50000

    SBI Global International Debit Card

     

    Daily Cash Withdrawal Limit

    Rs. 40000 within India internationally varies as per exchange rate of the country up to Rs 40000.

     

    Online Transaction limit (POS / E-com)

    Rs. 75000 Upper cap limit in India and max foreign currency equivalent to Rs. 75000.

    Max transaction for foreign currency per month equivalent to Rs. 50000

    SBI My Card International Debit Card

     

    Daily Cash Withdrawal Limit

    Rs. 40000 within India internationally varies as per exchange rate of the country up to Rs 40000.

     

    Online Transaction limit (POS / E-com)

    Rs. 75000 Upper cap limit in India and max foreign currency equivalent to Rs. 75000.

    Max transaction for foreign currency per month equivalent to Rs. 50000

    SBI Gold International Debit Card

     

    Daily Cash Withdrawal Limit

    Rs. 50000 domestic withdrawal while foreign cash withdrawal equivalent currency of Rs. 50000

     

    Online Transaction limit (POS / E-com)

    Rs. 2 lakh for online payment and Rs. 50000 for online transaction

    SBI Platinum International Debit Card

     

    Daily Cash Withdrawal Limit

    Rs. 1 lakh domestic withdrawal and foreign cash withdrawal equivalent currency of Rs. 1 lakh

     

    Online Transaction limit (POS / E-com)

    Rs. 2 lakh for online payment (POS) and Rs. 50000 for online transaction (E-com – selected international website)


    Source: www.sbi.co.in and The Indian Express:

    2. Central Bank of India debit card online transaction limit per day:

    Central Bank of India is one of the oldest banks in India which was established in 1911. It also distributes five different type of debit card to its customer. The cards and their daily cash withdrawal and online transaction are given below.

    Sr

    Type of Card

    Transaction limit

    1.      Platinum Debit Card

     

    Cash withdrawal limit

    Max- Rs. 1 Lakh

     

    Online transaction limit

    Equal to or equivalent to Rs. 2 lakh (POS and e-com)

    2.      Platinum RuPay Debit Card

     

    Cash withdrawal limit

    Rs. 1 lakh per day

     

    Online transaction limit

    Rs. 2 lakh POS and e-com

    3.      Shopping Cum Debit Card

     

    Cash withdrawal limit

    Rs 40000 per day

     

    Online transaction limit

    Shopping limit - Rs. 1 lakh per day for POS and e-com

    4.      Wonder Card

     

    Cash withdrawal limit

    Rs 50000 per day

     

    Online transaction limit

    Rs 50000 POS and e-com shopping

    5.      Classic RuPay Debit Card

     

    Cash withdrawal limit

    Rs 40000 per day

     

    Online transaction limit

    Shopping limit - Rs. 1 lakh per day for POS and e-com in India

    6.      NeXGen Debit Card (for Minor)

     

    Cash withdrawal limit

    Rs 5000 per day

     

    Online transaction limit

    shopping limit - Rs. 5000 per day for POS and e-com in India

     

    Source: centralbankofindia

    3. Punjab National Bank debit card online transaction limit per day:

    To provide value added service Punjab National Bank offer wild rage of debit card to their customer. The detail of debit card and its online as well as daily cash withdrawal limit is given below –

    Sr

    Type of card

    Transaction limit

    1

    PNB Classic Debit Card

    1. There are two variant Master Card and PNB RuPay Debit Card.

    2. Cash withdrawal per day and per transaction is Rs 25000 and 15000 respectively.

    3. Rs 60000 e-com and POS consolidated limit.

    2

    PNB Platinum Debit Card

    1.  It also has two variant Master Card and PNB RuPay Debit Card.

    2.  Cash withdrawal per day and per transaction is Rs 50000 and 15000 respectively.

    3.  e-com and POS transaction limit Rs. 1.25 lakh.

    3

    PNB Business Debit Card

    1.  Card Validity -7 years.

    2.  Daily cash withdrawal limit - Rs.1 lakh.

    3.  e-com and POS transaction per day limit Rs. 3 lakh.

    4.  Card issuance charges Rs. 200 per card.

    5.  Annual maintenance charges and card replacement charges are Rs 200 plus tax.

    4

    PNB International Debit Card

    1.  Cash withdrawal limit of Rs. 50000 per day.

    2.  e-com and POS combine transaction limit Rs. 3 lakh per day.

    3.  No limit for number of transaction per day.

     

    Source: paisabazaar.com

    RBI new debit card and credit card rules:

    With reference to prevent card based fraudulent activities and to make digital payment more secure, Reserve Bank of India (RBI) has issued new guideline for debit and credit card that will come into effect from 1st Oct 2020.

    1. The new cards issued and reissued after effective date i.e. after 1 Oct 2020 will be operate within the India for only at ATMs and Point of Sale (PoS) devices. Previously the cards issued by bank by default, could be used all over the world for international transaction. But now if card holder requires such facility, he needs to make request to bank for activation of this facility.
    2. Based on their risk perception, the issuing bank can make decision whether or not to continue or switch off the international transactions and contactless transaction in existing debit and credit cards.
    3. Bank can disable the online payment service for the existing cards which have never been used for online, contactless or international transaction.
    4. In this new guideline RBI provided more preferences to the customer. When bank issues debit or credit card to its customer, it also provides online transaction and other facilities. Now card holder can be able to register preferences such as opt-in or opt out service, set limit for online as well as international transaction. He can also prefer to set contactless transaction limit and other services.
    5. Banks have also been providing facility of Near Field Communication (NFC) technology through their cards. In this technology you don’t need to insert card in to the PoS machine or need not to swipe such card just you have to touch the card to machine. It is also known as contactless cards. The card holder will get the option to enable or deactivate the NFC feature of its card.

    Conclusion

    Today in India most of us are using debit and credit card for online transaction. When we receive debit card from bank, the bank offer various transaction facilities with the card. Now to avoid incidence of fraud we can set our debit card online transaction limit manually by using our internet banking or banks mobile application. To prevent online fraud and misuse of debit card, from October 1st, 2020, RBI declared new guideline for card based online transaction in which preference is provided to card holder. The guidelines provide opt-in and opt-out facility to card holder for any of the card based service provided by bank.

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