New credit/debit card rule from March 16? Here’s what you need to know

Are you willing to get a New credit/debit card? or you have applied for the new credit/debit card, If so then you must have aware of something which is explained in the article. go through it.

According to the new RBI notification, banks at the time of issuance/re-issuance of card from now on will only allow domestic card transactions at ATMs and PoS terminals in India.

If you are someone who is planning to get a debit or a credit card after March 16 then you will need to keep in mind a plethora of new things.

The Reserve Bank of India, in its 15 January notification announced a number of measures to improve on security and convenience of the debit and credit cards. These measures will come into effect from March 16, 2020.

What will change for new credit, debit cardholders after March 16 

• New customers will have to set up a number of services for using credit, debit cards for any sort of transaction including online transactions, card-not-present transactions, contactless transactions and international transactions.
• From March 16, customers will have an on-off option, transaction limit option that they can access using a mobile application, internet banking, ATMs, Interactive Voice Response. This service will be available for 24×7. 
• Credit, debit card issuers will allow customers to on-off or set transaction limits valid within the given limit. This will be applicable for any type of transaction be it domestic or international. 
• This facility will also work for payment via credit, debit card at Point of Sale, ATMs, online transactions or contactless transactions.
• These provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems (includes metro train and road transport services).