Do not forget to enter your PIN number while swiping Debit Card at any PoS center, as this is the new rule of debit card transactions applicable from the 1st December, 2013.
Government always tries to come out with the new rules and regulations that make easy for citizens to do their money transactions with ease and security. This helps to reduce the chances of fraud that occur many times while you do transaction from different retail stores. RBI (Reserve Bank of India) has announced new rules and regulations that are applicable from the December 1, 2013 in all over India. Every one has to provide their PIN number at the point-of-sales (PoS) location, every time when they purchase from their plastic money. So, go through all the important information that you must know while you swipe your debit card at any retail location.
- New rules of the credit card transactions were enforced first time in the month of June 2013. But all the banks have requested to provide little time to update their back-end infrastructure. So Reserve Bank of India has extended the deadline of new debit rules till the November 2013.
- As per the new rules of debit card, every customer needs to enter PIN number after use debit card at PoS machine every time when they swipe their plastic money.
- At the end of transaction, one transaction charge slip will get printed. Debit card holder must sign it.
- If you have done transaction at Pos location and it is not updated with the “ask for PIN” feature, then your transaction will be denied by the bank authorities.
- The PIN number that you will enter at any Pos location is the same number that you use in ATM (Automated Teller Machine) to withdraw your money.
- PIN number is not your ‘transaction password’, which is used to do online transaction. So, do not get confused with the PIN number and transaction password.
- Only 3 chances will be provided to every debit card holder to re-enter your PIN number at PoS location.
- If you fail to enter correct PIN number at PoS, then your transaction will get cancelled automatically. If you manage to enter correct PIN in one of the three attempts, then you can use your debit card for further use.
- In the case when you do not remember your PIN number, then you can call at your bank and ask for the duplicate PIN number. For getting the duplicate PIN number, you must enter your personal details as per asked. You will get your duplicate PIN number with all other important details in mail at your address within 7-10 working days.
- This new rule of RBI for debit card user is strictly for the physical transactions only. There are no changes have applied for internet transaction.
- As per the latest RBI data, more than 36 crore debit cards are being used in India and more than 52 crore transactions are being conducted from the ATMs every month.
- These new security steps are taken by RBI to reduce the frauds and security breaches; it also includes an Europay, MasterCard or Visa chip on the card, establishment of real-time fraud monitoring system, limit on transactions, immediate notifications, etc.
- Around 1.8 million credit cards are in use currently and total number of transaction from the PoS location is no more than 4.14 crore.