Debit cards have become one of the most popular modes of payment in today’s world. They offer convenience, security, and accessibility to funds. Debit cards are linked to your bank account, which means you can only spend the money that you have in your account. In this article, we will discuss the different types of debit cards available and their features.
What is Debit Card?
A debit card is a payment card that is linked to your bank account and allows you to access the funds in your account to make purchases, withdraw cash from ATMs, or transfer money to other accounts. When you use a debit card, the amount of your transaction is deducted from your account balance immediately, which means you can only spend the money that you have in your account.
Benefits of Using Debit Card
There are several benefits of using a debit card for your day-to-day transactions in India. Here are some of the key benefits:
- Convenience: Debit cards are a convenient payment method that allows you to make purchases or withdraw cash from your bank account without having to carry cash.
- Security: Debit cards offer more security compared to cash transactions. You can set a PIN for your card and in case of loss or theft, you can report it to the bank to block the card.
- Budgeting: Using a debit card allows you to keep track of your spending and helps you stay within your budget, as you can only spend the money that is available in your account.
- Rewards and cashback: Many banks offer reward points and cashback offers on debit card transactions, which can help you save money on your purchases.
- Online transactions: Debit cards can be used for online transactions, which is a convenient way to pay bills, shop online, and book travel tickets.
- Contactless payments: Many debit cards in India now come with contactless payment technology, which allows you to make payments by simply tapping your card on a payment terminal, without the need to enter a PIN or swipe your card.
- International transactions: Some debit cards can be used for international transactions, which is a convenient way to make payments while traveling abroad.
Different Types of Debit Cards
There are five different types of Debit Card that are used in India as mentioned below:
Visa Debit Cards
A Visa Debit Card is a type of debit card that is issued by financial institutions in partnership with Visa Inc., a multinational financial services corporation. Visa Debit Cards work like any other debit card, with the added advantage of being accepted worldwide wherever Visa is accepted.
When you use a Visa Debit Card, the funds for your transaction are deducted directly from your bank account, just like a traditional debit card. Visa Debit Cards also come with added benefits and features, such as fraud protection, zero-liability protection, and rewards programs, depending on the financial institution that issues the card.
Different types of Visa Card that are available to users are:
- Visa Classic Debit Card
- Visa Gold Debit Card
- Visa Platinum Debit Card
- Visa Infinite Debit Card
- Visa Signature Debit Card
RuPay Debit Cards
RuPay Debit Cards are a type of debit card issued by the National Payments Corporation of India (NPCI), a government-owned entity that oversees retail payment systems in India. RuPay Debit Cards are designed to be used within India and are accepted at all RuPay-enabled ATMs, merchant outlets, and online portals.
In addition to their cost-effectiveness, RuPay Debit Cards come with added benefits and features, such as cashback offers, discounts on dining, shopping, and travel, and reward programs. RuPay Debit Cards are also known for their security features, which include two-factor authentication and PIN-based transactions, providing customers with a secure payment experience.
Overall, RuPay Debit Cards are a popular payment option for individuals and businesses within India, offering a cost-effective and secure payment system that is widely accepted across the country.
Various types of RuPay Debit card are given below:
- RuPay Platinum Debit Card
- RuPay PMJDY Debit Card
- RuPay PunGrain Debit Card
- RuPay Mudra Debit Card
- RuPay Kisan Card
- RuPay Classic Debit Card
MasterCard Debit Card
MasterCard Debit Cards are a type of debit card that is issued by financial institutions in partnership with Mastercard, a multinational financial services corporation. MasterCard Debit Cards work like any other debit card, with the added advantage of being accepted worldwide wherever Mastercard is accepted.
Mastercard also offers different tiers of Debit Cards, such as World Debit, World Elite Debit, and Platinum Debit, each with unique benefits such as travel insurance, concierge services, and extended warranties. MasterCard Debit Cards are a popular choice for individuals who want the convenience and security of a traditional debit card with the added benefits of a global payment network.
Different types of MasterCard Debit Card are given below:
- Standard Debit MasterCard
- Platinum Debit MasterCard
- World Debit MasterCard
- World Delite Elite MasterCard
Contactless Debit Card
Contactless Debit Cards, also known as “tap-and-go” cards, are a type of debit card that use Near Field Communication (NFC) technology to enable quick and secure payments. These cards allow users to make payments without the need to physically swipe, insert or enter their PINs, instead, they can simply hold their card close to a contactless-enabled terminal to make a payment.
Contactless Debit Cards use radio-frequency identification (RFID) technology to communicate with the payment terminal. The transaction is completed in a matter of seconds, and the cardholder’s account is debited for the purchase amount. Contactless Debit Cards are becoming increasingly popular worldwide, and most debit cards issued by major financial institutions are now contactless-enabled. Users can identify whether their card is contactless-enabled by looking for the contactless symbol on the card.
Maestro Debit Card
Maestro Cards are a type of debit card that is issued by Mastercard, a multinational financial services corporation. Maestro Cards are designed to be used primarily within Europe and some other countries, although they are accepted in other regions as well.
Maestro Cards are known for their security features, including two-factor authentication and PIN-based transactions, providing customers with a secure payment experience. Some Maestro Cards also offer additional security features such as chip and PIN technology, which encrypts the transaction data to prevent fraud.
List of Top Banks Offering Debit Cards in India
Here is a more detailed list of the top banks in India that offer debit cards along with a brief description of the types of debit cards they offer:
State Bank of India (SBI)
SBI is one of the largest banks in India and offers a range of debit cards to cater to different customer needs. They offer different types of SBI debit cards like classic, silver, gold, platinum, and signature debit cards, each with different features and benefits. The classic card is the basic debit card with limited features, while the signature card is a premium card with higher withdrawal and purchase limits.
HDFC Bank
HDFC Bank is a private sector bank that offers a range of debit cards. They offer regular, platinum, and select debit cards. The platinum and select cards come with higher withdrawal and purchase limits and additional benefits like cashback offers, discounts, and reward points.
ICICI Bank
ICICI Bank is another private sector bank that offers different types of debit cards to suit different customer needs. They offer classic, silver, gold, and coral debit cards. The coral debit card comes with additional benefits like lounge access, cashback offers, and discounts on dining and shopping.
Axis Bank
Axis Bank is a private sector bank that offers a range of debit cards. They offer classic, titanium, priority, and burgundy debit cards. The burgundy card is a premium card with higher withdrawal and purchase limits and additional benefits like lounge access, concierge services, and exclusive discounts.
Punjab National Bank (PNB)
PNB is a public sector bank that offers a range of debit cards. They offer classic, gold, and platinum debit cards. The platinum card comes with higher withdrawal and purchase limits and additional benefits like lounge access and exclusive discounts.
Bank of Baroda (BOB)
BOB is a public sector bank that offers different types of debit cards. They offer classic, gold, and platinum debit cards. The platinum card comes with higher withdrawal and purchase limits and additional benefits like lounge access, cashback offers, and discounts on shopping and dining.
Canara Bank
Canara Bank is a public sector bank that offers different types of debit cards. They offer classic, gold, and platinum debit cards. The platinum card comes with higher withdrawal and purchase limits and additional benefits like lounge access, cashback offers, and discounts on shopping and dining.
Union Bank of India
Union Bank of India is a public sector bank that offers a range of debit cards. They offer classic, gold, and platinum debit cards. The platinum card comes with higher withdrawal and purchase limits and additional benefits like lounge access, cashback offers, and discounts on shopping and dining.
Kotak Mahindra Bank
Kotak Mahindra Bank is a private sector bank that offers a range of debit cards. They offer classic, gold, and platinum debit cards. The platinum card comes with higher withdrawal and purchase limits and additional benefits like lounge access, cashback offers, and discounts on shopping and dining.
IDBI Bank
IDBI Bank is a public sector bank that offers different types of debit cards. They offer classic, gold, and platinum debit cards. The platinum card comes with higher withdrawal and purchase limits and additional benefits like lounge access, cashback offers, and discounts on shopping and dining.
Types of Debit Cards : FAQs
A debit card is a plastic payment card that allows you to make purchases or withdraw cash from your bank account without having to carry cash.
There are various types of debit cards available in India, such as classic, silver, gold, platinum, signature, titanium, priority, and burgundy debit cards, each with different features and benefits.
A classic debit card is a basic debit card with limited features and benefits, while a platinum debit card is a premium card with higher withdrawal and purchase limits and additional benefits like lounge access, cashback offers, and discounts on shopping and dining.
Yes, most debit cards in India can be used for online transactions. However, it is important to check with your bank to ensure that your card is enabled for online transactions.
Yes, most debit cards in India can be used abroad. However, it is important to check with your bank to ensure that your card is enabled for international transactions and to know the fees associated with using your card abroad.
A contactless debit card is a card that uses near-field communication (NFC) technology to allow you to make payments by simply tapping your card on a payment terminal, without the need to enter a PIN or swipe your card.
To choose the right debit card for you, consider your spending habits, lifestyle, and financial goals. Compare the features, benefits, and fees associated with each card before making a decision.
