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Debit cards

Invariably in bank interviews candidates are asked about debit card and credit cards. I thought it will be useful if I give some points regarding these taken from Indian Overseas Bank website. Particulars may change marginally in respect of these with different banks. Please go through the website of the Bank before attending interviews. Answers to some Frequently Asked Questions

Q1. What is the difference between a Debit Card and Credit Card? A Debit Card works under the "Buy now Pay Now" principle unlike a Credit Card, which is a "Buy Now Pay Later" card. Therefore with a Debit Card there is no monthly repayment and hence no interest is charged. A Debit Card gives you all the convenience of a Credit Card and also helps you keep control over your spending.

Q2. Where can the IOB-Debit Card be used? The International Debit Card is: Valid in India and Overseas Can be used to make purchases at over 1,18,000 outlets in India and over 130 lakh outlets worldwide Can be used to withdraw cash at nearly 15,000 ATMs in India and over 8.7 lakh ATMs worldwide. Any Merchant Establishment that accepts Visa Cards has to honour the International Debit Card.

Q3. What is the mode of payment for a IOB-Debit Card? There are no monthly bills or outstanding in the case of a Debit Card. Your account will be instantly debited to the extent of purchases made or the amount withdrawn from ATMs.

Q4. How to use my IOB-Debit Card when I go abroad? You can use your International Debit Card anywhere in India and abroad where the VISA / VISA Electron logo is displayed. However, when you are travelling in Nepal and Bhutan, it is not valid for making transactions in currencies other than the local currencies of India, Nepal and Bhutan. Debit Card transactions made overseas, for purchases or ATM withdrawals must be made in strict accordance with the Exchange Control Regulations of the Reserve Bank of India prevailing from time to time. In the event of failure to do so, you will be liable for action under Foreign Exchange Management Act, 1999. Please also note that the onus for ensuring compliance with the regulations lies with the Cardholder.

Q5. What is the procedure to be followed in case my IOB-Debit Card is stolen or lost? If your IOB InstaCash International Debit Card is lost or stolen, please immediately call our Customer Assistance or report the loss to the Branch where you maintain your Debit Card Account. Your Debit Card would be deactivated immediately to prevent misuse. You are expected to confirm this in writing as soon as possible. If your Card is lost/stolen while you are overseas, you can call the VISA’s Global Customer Assistance Service.

Q6. What are the Daily limits for use of my IOB-Debit card? For your security, we have daily limits on the use of the Debit Card at ATMs and Merchant Locations. Usage at ATM : Rs. 15,000/- (per day) Usage at Merchant Establishments : Rs. 50,000/- (per day) http://www.iob.in/Essential_Card_Details.aspx


  1. thank you sir...this is really helpful for me.

  2. sujata: thank you. please add your email id for follow up of this blog. best wishes


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