What are the eligibility criteria for the Issuance of a Debit Card?
Banks provide a debit card when you open a savings or current account. A debit card is an electronic card that gives you instant access to withdraw money from ATM. You can also pay for purchases made online or at retail stores using your debit card. If you have an international debit card, you can easily perform financial transactions worldwide. Generally, banks issue a CHIP-based debit card which stores your account details electronically.
The eligibility for a Debit card is directly linked to your savings account. So, to get a debit card, you must first open a bank account in your name. Once you do so, you automatically become eligible to obtain the debit card. However, check the below-mentioned criteria to get a debit card:
- You must have a bank account. It can be either a savings account or a current account.
- You must be a minimum of 18 years or above
- You must submit all the necessary documentation required for KYC.
- Maintain the minimum balance requirement of the bank for your savings account.
- You will have to pay the annual maintenance charges for issuing a debit card.