New ATM card, credit card rules to be effective from October 1: All you need to know
Several banks in the past few days have been sending out messages informing the customers that online transactions on their debit cards will be switched off by September 30.
Here is all you need to know about new Reserve Bank of India (RBI) guidelines, which will be effective from October 1.
1. The RBI has asked all banks and other card-issuing companies to disable online payment services of all debit and credit cards which have never been used for digital payment — in India or abroad.
2. The move is aimed at reducing card-cloning frauds.
3. Under this new rule, card-holders will be able to choose their daily spending limits, withdrawal limit from ATM etc.
4. Card holders will also have the option to allow or not allow some services on their cards like ATM, e-commerce etc.
5. All debit and credit card holders will come under these new guidelines.
So, what should you do if your bank has sent you the message that your ATM card services will be stopped by today?
You will have to log in to your account — through app or net banking. Look for the ‘services’ section in the menu and choose ATM cards. A new window will open where you can fix your domestic, international spending specifications.