Alert debit, credit cardholders! New rules to be effective from Oct 1

New Delhi: The new rules for debit and credit cards to increase security and reduce will be effective from 1st October.

Earlier, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and credit cards.

New rules for debit, credit cards

As per the new rules, online payment service of the cards that were never used for online transactions will be disabled.

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The card holders can specify their daily spending limits, withdrawal limits from ATMs etc.

They will also get facility to enable or disable any service on their cards.

In order to perform all these activities, bank account holders have to use either app or net banking.

OTP-based ATM withdrawal

Earlier, State Bank of India (SBI) had extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day. This step was taken to protect customers from falling prey to fraudsters.

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