RBI’s new rules for Debit Card, Credit Card comes to effect from October 1: Know all the details

Reserve bank of India’s new rules for Debit and Credit cards will comes to effect from tomorrow, October 1. The new rules were announced by RBI to make digital payments using debit cards and credit cards more secure

The new guidelines by RBI are the Following:

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– The debit and credit card services will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals.

– Both debit and credit holders will now be allowed to set up transaction limit.

– The card holders will have option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce or NFC.

– RBI has asked all banks, card issuing companies to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.

– Card holders will also get the option to enable or disable the NFC feature also.

Here’s how to manage debit card-credit card services:

1. First of all, you have to log in to your bank account through mobile or netbanking.

2. Then go in the Cards section and select ‘manage cards’

3. You will see two option: domestic and international

4. Choose the option in which you want to make changes

5. If you want to close any particular transaction then turn it off, if you want to start then turn it on

6. If you want to limit the limit of the transaction, you can also do it according to your need.