Dec 8 2013
Starting from Dec 1, 2013, whenever you use your debit card to make a payment at any store or restaurant, you’ll have to enter your ATM / debit card PIN. The Reserve Bank of India (RBI) has passed this as a mandate to create an additional level of security in an attempt to reduce debit card fraud in India. This is particularly important for debit card transactions because in this case, the money gets debited immediately from the card holder’s bank account. This mandate was supposed to come in effect on Jul 1, 2013 but got delayed somehow.
- Understand that even though you’ll now have to go through an additional step while making debit card payments, this is for the safety of your hard earned money!
- Regenerate your debit card PIN as soon as possible. You can call up your bank’s customer care, log into your netbanking account, or visit your nearest bank branch for this.
- Always insist that the cashier lets you enter your PIN yourself. If you’re paying in a restaurant, ask the billing guy to get the card machine to your table.
- Don’t give your debit card PIN to anyone else (even friends and family) unless there’s no other way out. Treat it like it’s your online banking / email / facebook / twitter password. If you ever have to give your PIN to anyone, make sure that you regenerate it after your work is done.
- If your debit card doesn’t have a chip in it, place a request with your bank for a new card with an EMV chip in it. According to a recent RBI regulation, all Indian banks are obliged to replace all credit and debit cards that don’t have an EMV chip.
- If you ever lose your card or detect any fraud activity, call up your bank immediately and get your card blocked!
- Always prefer using a debit card over cash wherever possible. There are multiple advantages to this: you don’t need to excess carry cash with you and you may also get offers, discounts and rewards at several stores and restaurants if you pay using certain debit cards. See cardback.in for more.
We would love to know about your experience with this new way of paying with debit cards. Let us know in the comments section. Also, if you see a store, restaurant or merchant that is not adhering to this new practise, leave a comment and let the world know!