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New Delhi: You use your debit card almost daily, but have you ever thought about the fact that it could have a limit? Yes, like every debit card, the RuPay debit card has a limit, and if you transact above the limit, your transaction will be declined. Diving deeper into the issue, your bank sets the maximum limit for purchases and cash withdrawals on your Rupay debit card.
The daily transaction limitations for ATM and POS machine transactions are determined by your bank, and they may differ depending on the type of card. Currently, the banking system offers four different types of RuPay debit cards: Government Schemes, Classic, Platinum, and Select. The daily transaction restrictions for ATMs and POS terminals will be set by your bank based on the RuPay debit card type you currently possess. This means the daily cash, transaction restrictions and annual subscription fees for RuPay cards also vary between banks.
On your HDFC Bank Debit Cards, you can now withdraw cash with a daily limit of a maximum of Rs 2,000 and a monthly limit of a maximum of Rs 10,000 across all merchant outlets. The daily domestic shopping limit is Rs. 2.75 lakh, while the daily domestic ATM withdrawal limit is Rs. 25,000.
The daily ATM limit on the PNB RuPay NCMC Platinum Debit Card is Rs 1,00,000, while the daily combined POS/e-commerce limit is Rs 3,00,000.
The daily withdrawal and purchase limits at Yes Bank’s POS are both fixed at Rs 25,000 each, but the ATM and POS transaction limit for customers who are salaried is Rs 75,000.
At domestic ATMs, SBI has a minimum transaction limit of Rs. 100 and a maximum transaction limit of Rs. 40,000. The maximum limit for daily point-of-sale internet transactions on the SBI RuPay debit card is Rs. 75,000.
RuPay is a worldwide payment system for Indian financial services that was introduced by the Reserve Bank of India (RBI) in 2012. It was created to reduce the need for cash in the Indian economy, as per a Forbes report. It is derived from the words “rupee” and “payment”, which highlights that it is India’s approach to virtual card (Vcard) payments. Moreover, a RuPay debit card is a plastic card used as a method of payment issued by the bank to a customer who has a bank account with them.
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