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Reading: Debit Card: Meaning and Top Debit Cards in India 2023
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Investment Simplified > Banking > Debit Card: Meaning and Top Debit Cards in India 2023
Banking

Debit Card: Meaning and Top Debit Cards in India 2023

Monika Mohan
Last updated: 2023/04/03 at 8:13 PM
Monika Mohan Published November 10, 2022 8 Min Read
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What is a Debit Card?Top Debit Cards Providers in IndiaBest Debit Cards in India, 2023Where/How can I use a Debit Card?Components of a Debit CardDifference between Debit Card and Credit CardDebit Card EMITypes of Debit CardsWhat is CVV in Debit Card?Debit Card: Important TermsDebit Card: FAQs

Whenever we talk about digital payments, debit cards always pop-up. A debit card is the most popular type of plastic money which almost all of the bank accountholders use frequently to make payments online and at merchant stores.

Let’s know about debit card meaning, best debit cards in India and features of debit card, etc. in this post.

What is a Debit Card?

A debit card is a payment card which when used online or at a brick & mortar store pays money directly from the linked bank account. It is the most basic form of plastic money and helps customers do away with carrying cash.

Debit card is also known as a check card or bank card.

Top Debit Cards Providers in India

The following are the most used debit cards by the customers in India:

Union Bank Debit CardHDFC Debit CardKotak Debit Card
Axis Bank Debit CardICICI Debit CardPNB Debit Card
Bank of Baroda Debit CardIDBI Debit CardRBL Debit Card
Bank of India Debit CardIndian Bank Debit CardSBI Debit Card
Bank of Maharashtra Debit CardIndusind Bank Debit CardStandard Chartered Debit Card
Canara Bank Debit CardIOB Debit CardSyndicate Bank Debit Card
Yes Bank Debit Card
Debit Card

Best Debit Cards in India, 2023

Check the following debit cards with their salient features that make them one of the best debit cards in India:

Debit CardDaily ATM Withdrawal LimitDaily Shopping LimitSalient Features
SBI Platinum International Debit CardUp to Rs 1 lakhsUp to Rs 2 lakhs2 reward points for every Rs 200 spent
Auto-enabled online payments
HDFC Easy Shop Platinum Debit CardUp to Rs 2 lakhsUp to Rs 5 lakhs1 cashback point for every Rs 200 spent
Up to 5 free ATM transactions Insurance cover
ICICI Coral Paywave Debit CardUp to Rs 1 lakhsUp to Rs 5 lakhs2 reward points on every Rs 200 spent
Airport lounge access on min. spend of Rs 3,000
HDFC Millennia Debit CardRs 50,000Rs 3.5 lakhs2.5% cashback on online spends5% cashback on PayZapp & SmartBuy
4 domestic airport lounge access
Accidental insurance cover up to Rs 10 lakhs
Kotak PayShopMore Debit CardUp to Rs 40,000Up to Rs 2 lakhsUp to Rs 5 lakhs of Personal accident cover

Where/How can I use a Debit Card?

You can use a debit card in the following ways:

  • To buy goods and services at stores
  • For online shopping at e-commerce websites
  • To make bill payments like mobile recharge and electricity bill etc.
  • To make credit card payments
  • To make loan EMI payments
  • To withdraw cash from ATMs
  • To activate netbanking services

Components of a Debit Card

A debit card is a rectangular plastic card which carries certain details about the cardholder. These are called as the components of debit card, viz.:

Components of a debit card

At the Front

  • Bank Name
  • Electronic Chip
  • Cardholder’s Name
  • Card Number (can be at the front or at the back)
  • Validity/Expiration Date
  • Payment Network Logo (VISA, MasterCard, etc.)

At the Back

  • Magnetic Strip
  • Hologram
  • Space for Card Holder’s Signature
  • CVV (Card Verification Value)
  • Payment Network Logo
  • Bank Information
  • Type: International or Domestic

Difference between Debit Card and Credit Card

While debit cards and credits both are forms of digital payment cards, there are some distinct features that differentiate the two cards. Look at the table below to know what is the difference between debit card and credit card:

Particulars/CardDebit CardCredit Card
FunctionalityAmount deducted directly from bank accountAmount paid but not deducted from the bank account; loan amount is created
Payment Due DateNo payment due date as amount is paid immediatelyNeeds to be usually paid by the cardholder within 30 days from the date of swiping the card
InterestNo interest chargedInterest is charged if payment is not made within due date
FeesLittle fee (usually within Rs 300 in most banks)Most banks charge high fee starting from Rs 500
Debt cycleNo debt accumulationUnthoughtful spending may result in heavy debts
Credit Score ImpactNo effect on credit scoreBuilds credit history and has direct impact on cardholder’s credit score

Debit Card EMI

You can convert your debit card purchases easily into EMIs or Equated Monthly Installments thus paving an economic solution to suit your monthly budget.

Suppose you want to buy a mobile phone worth Rs 50,000 but do not want to make a lumpsum payment. In such a case, you can opt to convert the payment value in EMIs or 3/6/9/12/18 months.

The amount of Rs 50,000 won’t be blocked in your account but every month, a set amount will be automatically paid to the merchant from your linked bank account.

Types of Debit Cards

There are majorly 4 types of debit cards available in India, viz.:

  • VISA Debit Card –  Classic, Gold, Platinum, Signature & Infinite
  • MasterCard Debit Card – Standard, Platinum & World
  • RuPay Debit Card – Classic, Platinum & Select
  • Contactless Debit Card

What is CVV in Debit Card?

CVV Full Form: Card Verification Value

CVV is a 3-digit number which is printed at the back of every debit card. This is the verification code which has to be entered every time you make an online debit card payment.

When paying at a physical store, when you swipe/tap your debit card at the POS machine, it reads your card’s CVV automatically. But in online payments, you need to enter this manually.

Without CVV, debit card payments cannot be made. You must never share your CVV with anyone, not even your bank representative. 

Debit Card: Important Terms

There are a few more terms that must be clear in your mind when applying for debit card from any bank, viz.:

  • Minimum Average Balance or MAB: MAB stands for Monthly Average Balance, which is the average balance that needs to be maintained in the linked savings or current account for the card to remain active. The MAB requirement can vary based on the type of account and card.
  • Daily withdrawal limit: This is the maximum amount of cash that can be withdrawn from an ATM using the card in a single day. The limit can vary based on the type of card and the bank’s policies.
  • Online purchase limit: This is the maximum amount that can be spent on online purchases using the card in a single transaction or day. The limit can vary based on the type of card and the bank’s policies.
  • Insurance Cover: Some of the debit cards offer insurance cover, which can provide financial protection against certain events, such as accidental death or disability. The type and amount of insurance cover can vary depending on the card.

Debit Card: FAQs

What is a debit card?

A debit card is a plastic payment card which can be used online as well as at physical stores, along with at ATMs.

Can I use my debit card to withdraw cash at an ATM?

Yes. All debit cards come with this facility to withdraw cash at ATM.

Do I have to pay interest for using a debit card?

No. Interest is not charged for using debit cards. You are simply paying via debit card instead of cash.

Is there any debit card charge?

Yes. There are different charges like debit card issuance charge, annual maintenance charge and replacement charge. However, some card like SBI Global debit card do not have any issuance charge.

What’s the difference between a debit card and credit card?

While credit card works by giving loan with a 30-days repayment period, debit cards deduct payment amount directly from the cardholder’s bank account. Also, credit cards charge interest while there is no interest payment for using debit cards. 

Is a prepaid card and debit card same?

You need to load a certain amount in a prepaid card and then use it till that limit only. A debit card is linked to your bank account and its limit is equal to your bank account balance.

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By Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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