As a potential user of cards, it is essential to know the accurate technique of getting the approval for a debit card. Find out the process that you need to follow for this.
One of the most frequently asked questions by a prospective holder of debit cards is “how to get it?” In almost all Indian banks, debit cards are offered to new customers within a couple of days of opening up a chequing account. In general, it takes almost two weeks for processing the debit cards.
Here’s a quick peep into all that goes into getting a debit card in your name.
What Banks or Financial Institutions Do?
The associated processes followed by banks or financial institutions for generating debit card approval include the following:
- A regular/ specific bank account has to be opened by providing accurate and relevant documents; along with the required minimum cash.
- The bank or financial institution would then carry out a process of investigation with respect to assessing the identity of the applicant.
- Once the process gets accomplished successfully, the debit card is issued in the name mentioned on the account opening form.
- Soon, the debit card is delivered at the doorstep of the applicant; a mailer containing the associated first-time four-digit PIN follows. The PIN can be changed and reset by the applicant at a later stage.
What the Debit Card Holder Needs to Do?
After receiving the debit card, the card holder is required to put up his /her signature on a given panel of the instrument itself. The signature strip or the panel is usually found on the backside of the debit card. The task of putting up the signature should not be neglected as this protects users from falling prey to fraudulent activities.
Choosing the PIN
The PIN states the Personal Identification Number of the holder and this can be changed as per his /her convenience and requirement. It is a four digit code that should not be disclosed to any third party; either online or offline.
What if the Card Gets Stolen?
A stolen debit card might pave the way for serious problems. Although banks and financial institutions provide security in case a card falls into the wrong hands, it is required that cardholders act wisely and rapidly to set the blocking process in motion.
Reporting of Lost Cards
In comparison to credit cards, debit cards are exposed to higher risk metrics. This is because credit cards have limited liability for fraudulent usage, whereas in case of stolen debit cards, if the unauthorized user gets to know the PIN, chances are high that all the money in the account would be withdrawn in a jiffy. To avoid such occurrences, the news about stolen debit cards should be reported to the related bank or financial institution within a span of 2 working days or earlier.
Are you ready to leverage the benefits of debit cards or ATM cards (as called by laymen)? Apply for one today.