Debit cards play a vital role in managing our daily financial transactions. Discovering how they function and obtaining one can enhance your understanding of modern banking.
This blog will cover the basics of debit card operations along with the advantages, offering valuable insights on optimising their use. Additionally, explore the benefits of banks like Kotak811, which offers an online savings account with a debit card. So, let’s get started!
What is the importance of having a debit card?
A debit card is a convenient payment tool for opening a bank account, primarily for savings. Its 16-digit number, 3-digit code, and signature stripe are similar to those of a credit card.
However, rather than borrowing money from the bank, you make transactions based on the savings in your account. The card allows direct payments, deducts the amount from the linked account, and enables ATM withdrawals.
The 4-digit PIN allows you to make transactions, whether used for purchases or cash withdrawals. This same pin is also used for withdrawing money from ATMs. Interestingly, debit card holders can also use their debit card as a credit card while making purchases.
Must Read: Debit Card Features & Benefits
The benefits you get to enjoy with your debit card
Once you get a debit card with your Kotak811 savings account, you will be eligible to enjoy benefits such as:
- Kotak811 ActivMoney: Automatically convert your savings account balance exceeding a certain threshold into term deposits, and maximise your returns while maintaining liquidity.
- ATM cash withdrawals: Cash can be easily withdrawn at ATMs. With debit cards, you can make five transactions free of charge, after which you must pay charges.
- Cash pick-up/delivery: Experience the convenience of free cash pick-up and delivery services, which ensures hassle-free banking services at your doorstep.
- Attractive interest rates: Have benefits of FD-like interest rates, which will provide a return with the interest rate of your hard-earned money.
- Monthly balance requirement: After you open a Digital Savings Account with Kotak811, you do not have to maintain an Average Monthly Balance (AMB).
How to apply for a debit card
As a fully digital account, Kotak811 gives many options, which allow you to apply for a physical debit card online through the Kotak811 Mobile Banking App. However, you get a virtual debit card as soon as you open your savings account. With this virtual card, you can conduct all your online transactions efficiently, with the option of managing your finances digitally.
If you prefer a physical debit card for offline transactions or ATM withdrawals, a nominal charge of Rs. 299 has to be paid.
If you wish to opt for digital convenience, then let’s take a look at the options you have:
Must Read: What Are Virtual Debit Cards? How Do They Work
On Mobile Banking:
Start by logging in to your mobile banking app, which comes with the flexibility to manage your banking needs anytime, anywhere.
- Once logged in, go to the "Service Requests" section to find various options to help with your banking requirements.
- Select the "Debit Card" option from the menu.
- From there, opt for "Apply for Debit Card," initiating the process to request a new Kotak811 debit card.
- Complete your application and submit it.
- Your request will be processed upon successful submission, and you will get a debit card.
On Net Banking:
Alternatively, if you prefer to manage your banking affairs through a desktop or laptop computer, you can opt for net banking, which offers several benefits.
- Log in and find the "Service Requests" section.
- Select the "Debit Card" category from the options, which will take you to the page with several debit card-related options.
- Choose the "Apply for New Card" option.
- Follow the step-by-step instructions provided on the screen and complete the process.
- Upon completion, submit your application securely through the Net Banking platform.
Now that we have discussed several options for getting a debit card with a savings account, the next step is to put your research into action. If you need clarification, please check out our FAQs section or ask our customer care executive for assistance.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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