Types of Debit cards in India

What is a Debit Card

Debit card is a plastic issued by a bank where a customer has a savings or current account which allows the customer to withdraw money from the same account. Since this card is linked to a customer’s account, there is no loan/credit from the bank’s side. Do read this article to understand how a debit card is different from a credit card.

Types of Debit Cards in IndiaAre there different types of Debit Cards?

Yes, there are multiple variants available for a Debit card. They may vary in terms of how a specific transaction is authorized or the nature of the underlying account of the debit card. E.g. it could be a PIN only, signature only, Dual verification, Chip enabled, Premium debit cards, Prepaid debit cards etc.

What are the types of Debit cards in India

India has a strong and growing banking network. A good indicator of this is the variety of financial products available in each segment. The same is true of Debit Cards also, where there exists a wide variety of debit cards in India. Here’s a list of some of the common types of Debit cards one can find in India

PIN Only Debit Cards : Many debit cards need the account holder to punch in a 4 digit PIN when doing a retail transaction using their Debit card. This PIN authorizes the transaction real time to validate whether its the genuine account holder who is doing the transaction or not. Once the PIN is confirmed, account balance is checked and the transaction is authorised. PIN enabled Debit cards allow for an additional layer of security when compared to signature only debit cards.

Signature Only Debit Cards : In the early days of Debit cards, a transaction was authorised by a simple signature from the account holder. This posed a lot of challenge as far as the account security was concerned as anyone who could get access to the customers debit card and forge a signature, could use the debit card to do fraud transactions. Hence PIN based debit cards or Dual Use Debit cards were introduced. Signature only debit cards are almost fully withdrawn from India now.

Dual Use Debit Cards : As the name suggests, Dual Use Debit Cards allowed for both PIN based and signature based authentication of transactions. This was introduced to allow for flexibility and introduce an additional layer of security in debit card transactions. Currently in India, most debit cards are PIN based and/or chip-enabled.

Chip enable Debit Cards : Also known as EMV Chip Debit Cards, these debit cards have an inbuilt chip which stores certain card related information on the card itself. Prior to the chip enabled cards, magnetic stripe enabled cards were in use. These cards had a card number, expiry date on the front and a magentic stripe which carried the same information in an encoded formate on the reverse. An EMV enabled debit card allows for higher levels of security and also allows for additional features to be enabled on the plastic. The chip can store applications like an e-wallet or help the issuer do smarter approvals of transactions.

ATM cum Debit Cards : Most banks in India, have debit cards that can be used at bank’s ATMs apart from using the card at retail outlets. These are referred to as ATM cum debit cards. Some banks issue cards that are purely ATM cards – which means that the card cannot be for retail transactions but only for cash withdrawals at banks ATMs or non-bank ATMs.

Premium Debit Cards : Since debit cards come loaded with many features and benefits, banks in India have variants available in their debit cards portfolio. Debit cards issued to private banking clients or account-holders with higher balances have much more benefits like discounts on dining, Such debit cards issued to high net worth individuals are referred to as Premium Debit cards. There are many such premium debit card variants available in India also e.g. the ICICI bank’s Coral Debit Card.

Prepaid Debit Card : Also referred to as a prepaid card, a prepaid debit card is issued usually to customers who do not have a full banking account. Referred to as the “card for unbanked”, this form of plastic reduces the risk of the bank and also allows the account holder to use an alternative to cash when it comes to regular transactions. In India, prepaid cards have seen a high growth rate and its expected that with the arrival of Payment Banks, their numbers and usage will witness a further growth.

Debit Card types in top banks of India

  • Debit Card types in SBI
  • Debit Card types in AXIS Bank
  • Debit Card types in HDFC Bank
  • Debit Card types in ICICI Bank

ICICI Bank Coral Debit Card

ICICI Coral Debit CardICICI Bank Coral Debit Card is a premium debit card from ICICI Bank inspired by the gemstone collection of cards. The Gemstone collection consists of Coral, Rubyx and Sapphiro variants and is available only for premium customers of the bank. The Coral Debit Card is amongst the Best Premium Debit Cards available in India.

Benefits and advantages of Coral Debit Card from ICICI Bank :

  • Joining benefits worth Rs 2500/- including a Rs 1000 voucher from the mobile store, Rs 500 voucher from Wills Lifestyle and 1000 Payback reward points
  • Earn 3 Payback points for every Rs 100/- spent in India
  • Earn 5 Payback points for every Rs 100/- spent at overseas locations
  • Zero fuel surcharge on select HPCL outlets when the charged amount is over Rs 401/-
  • 15% off on dining bills at a wide selection of restaurants – courtesy Culinary treats – ICICI Bank’s Dining Program
  • Complimentary airport lounge access at Delhi, Mumbai, Hyderabad, Bangalore and Chennai. Limited to a maximum of two per quarter. To get the airport lounge access, one needs to swipe the card for Rs 2/-.
  • Movie and entertainment benefits: Get 1+1 at Bookmyshow and Big Cinemas
  • The ICICI bank Coral Debit Card has a high withdrawal limit for its premium customers. The Daily limit for cash withdrawal using Coral Debit cards at domestic ATMs is Rs 100,000/- and for International locations this limit corresponds to Rs 100,000/-.
  • There are high transaction limits also on the Coral Debit Card. This goes upto Rs 2,00,000/-  per day for retail transactions at physical outlets or online. The overseas transaction limit is Rs 150,000/-.

Best Debit Card Offers

Fees and charges on ICICI Bank Coral Debit Card:

  • Joining Fees: Rs 499/-
  • Annual Fees: Rs 499/-
  • Card Re-issuance fees: Rs 200/-