Know the eligibility and documents required to get a Debit Card

 You can use the debit card to get cash out of an ATM or pay for purchases at an online shopping site or retailer retail outlet. If you have an international debit card, you can make similar transactions worldwide. Banks issue CHIP-based debit cards that keep the details of your accounts.   

The eligibility of the debit card is linked to your savings account. To get a debit card, you must open an account at the bank. You must fulfil the qualifications to open a bank account to do so. Debit cards are linked to an account at a bank.    

You are eligible for a debit card once you meet the criteria for opening a bank account. No stand-alone bars need to be completed to qualify for a debit card. Unlike credit cards, there is no need to have a credit score to qualify for debit cards.    

Some banks offer different types of debit cards; there are categories like Platinum, Silver, Gold, etc. The type of cards issued to you depends upon the balance kept on your account. If you have a premium debit card, you will have access to concierge services, earn rewards points on transactions, and enjoy access to various other benefits.  

As stated earlier, no individual requirements need to be met to qualify for the debit card. Once you open an account at the bank, you are automatically eligible for a debit card. However, you need to meet the conditions for opening a bank account. Once done, you must also meet the eligibility requirements for debit cards. As per the guidelines from the RBI, KYC is mandatory to open an account.  

If you do not have complete documents, you might not be able to open an account or get a debit card issued in your name. The records required for a debit card are similar to those needed to open an account. Usually, no extra documents need to be submitted for a debit card. Since debit cards are linked to bank accounts, the bank already has the required information. The purpose of getting those documents is to thoroughly verify the customer.   

As per current guidelines from the RBI, KYC is mandatory. If banks do not comply, then they are subject to penalties.    

Some banks may request documents to verify. This is a list of the standard documents. Check with your bank to see if additional documents are required.     

How can I get cash out of my debit card?

Each debit card has a unique PIN. You can use your debit card at the ATM and enter your PIN. You can then enter the amount you would like to withdraw, and cash will be disbursed accordingly.    

Can I avail Overdraft facility on my Debit Card?

You can qualify for an overdraft facility in a savings account linked to your debit card. However, it depends on your bank and what type of accounts you have. This facility is not available to all debit cardholders.  

What charges are payable when using my debit card?

Banks usually charge some nominal fees for using a debit card. This includes the cost of issuing your card, the annual service fee, and fees at the ATMs to go over your bank’s limit of free monthly ATM transactions.    

Can a bank charge me something if I do not use the debit card?

Besides annual fees, ATM withdrawal fees, and issuing fees, the bank does not charge you anything if you do not use your debit card.    

Do I have to have a good credit score to get a debit card?

 You just need a bank account to get a debit card. Credit scores are irrelevant; they are just required for credit cards.   

Is there any way I can specify my preferences regarding what kind of debit cards are issued to me? When filling out a request form for a debit card, you may select from various bank-affiliated payment systems.    

In the case of international travel, you should opt for a Visa or MasterCard debit card. These cards are accepted all over the world. In case you are doing just domestic transactions, a RuPay Debit Card may suit you.    

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