{"id":13159,"date":"2020-03-16T16:17:20","date_gmt":"2020-03-16T10:47:20","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=13159"},"modified":"2021-01-21T19:58:52","modified_gmt":"2021-01-21T14:28:52","slug":"new-rules-for-debit-and-credit-cards","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/new-rules-for-debit-and-credit-cards\/","title":{"rendered":"RBI Announces New Rules for Debit and Credit Card Holders\u00a0"},"content":{"rendered":"

The Reserve Bank of India has issued new rules for debit and credit cardholders in India.<\/p>\n

The new rules for Debit and Credit cards:<\/h2>\n

According to a news update by the RBI, banks now allow only domestic card transactions at ATMs and PoS terminals during the issuance\/re-issuance of debit or credit cards.<\/strong><\/p>\n

*Effective today,\u00a0 <\/span>customers need to set up separate services on their card for international, online and cards to present transactions.<\/p>\n

Other new rules for reissued or newly issued debit and credit cards<\/h3>\n

The new rules for debit and credit cards are applicable for those issued from today. If you hold an old debit and credit card, you can disable the features.<\/p>\n

The new rule for cards in India also explains that if you have not carried out any online transaction on your debit\/credit cards, the services on those cards will stop, effective today.<\/p>\n

Banks issuing new cards will provide customers with the option to enable or disable and set transaction limits within the overall card limits.<\/strong> This is applicable for domestic and international transactions at PoS\/ATMs as well as online transactions.<\/p>\n

RBI mandated all banks to enable mobile banking and net banking services for customers to enable\/disable limits and the above transaction services. The mobile banking options will be available 24 hours a day, 7 days a week.<\/p>\n

Tips to protect debit and credit card transactions<\/h3>\n

The new rules came in the wake of the rising cyber fraud crimes in the country. Last year, the RBI registered a total of 9over 900 fraud cases involving cards in India.<\/p>\n

    \n
  1. Only use the ATMs in a bank<\/strong> – If possible, use ATMs in a bank. Other places have a higher risk of skimming – a process which can intercept and store your credit or debit card details. ATMs at banks have more secure CCTV surveillance and 24 hours security personnel.<\/li>\n
  2. Avoid using public Wi-Fi to make transactions<\/strong> – This is a mistake I made once. Do not use your local Cafes wifi to do a financial transaction using your card. Make sure you have a password-protected wireless signal or a secure home Wi-fi when you pay using a card. Look for the \u2018https\u2019 on a payment portal before you make payment. It means the connection is secure.<\/li>\n
  3. Change it up – Change your password regularly,<\/strong> check your bank statements every month. A tip from an expert states that a pin can make direct fraud difficult because, unlike the CVV, the pin isn’t printed on the card.<\/li>\n
  4. Always check the total amount on the PoS device before authorising.<\/li>\n
  5. Shred documents that have your debit and credit card details. – Do not directly toss it into the trash.<\/li>\n<\/ol>\n

    Also read: How to protect your online transactions – as told by experts<\/a><\/span><\/p>\n

    Most importantly, if you have watched the Netflix show Jamtara, you should know this, do NOT share your card details with anyone on the phone.<\/p>\n

    Did you know that Instamojo is PCI-DSS compliant and our servers are robustly secure<\/a>?<\/span> Our sellers go through intense KYC compliance norms. If you are apprehensive about paying using a card, we have all other online payment options available.<\/p>\n

    *Not applicable to prepaid gift cards<\/em><\/p>\n

    \n

    EXPERIENCE SAFER PAYMENTS ON INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Reserve Bank of India has issued new rules for debit and credit cardholders in India. The new…\n","protected":false},"author":6,"featured_media":13160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[2642,3030,2683,1852,948,3029,3031,2152,2150,3032],"yoast_head":"\nRBI Announces New Rules for Debit and Credit Cards<\/title>\n<meta name=\"description\" content=\"Effective today, the Reserve Bank of India has issued new rules for debit and credit cards holders in India. 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