A debit card is currently a must have. It helps you to have the freedom to make cashless transactions. When you have a debit card, you don’t have to queue up at ATMs at all. Most merchant establishments across the world accept debit cards.
Typically, Indian banks offer three major types of debit: Visa Debit Card, the MasterCard Debit Card, and the RuPay Debit Card. In this article we will focus on Maestro debit card, which is a part of the MasterCard finance enterprise.
Maestro debit card belongs to the MasterCard enterprise. The MasterCard enterprise is one of the world’s leading financial service providers. The card was launched in 1992.
You can get a Maestro debit card from one of the partner banks. As is the case with debit cards, it is linked with your savings or current bank account. Maestro card can also be obtained as a regular prepaid card. Maestro debit card helps you to pay for your purchases at any Point of Sale (PoS) terminal which uses the Chip-and-Pin swiping machine. As a customer, you need to authorise the payment by either providing your signature on the receipt or by entering the PIN number in the card swiping device.
Owing a Maestro Debit card provides you access to cashless transactions. Maestro Debit cards are offered by all major public and private sector banks in India. To make it more attractive, the banks provide a number of offers. You can enrol in the loyalty programs and earn points. These points can be redeemed against shopping vouchers of leading lifestyle and clothing brands. Certain banks offer air miles when you swipe your card. You can also earn reward points when you swipe your card at certain outlets or for a specified amount. Many banks offer cash back on using your Maestro Debit card.
There are two types of charges levied on a Maestro debit cards. Banks charge an annual fee for the issuance/maintenance of the card to the user. A convenience fee is charged separately for swiping the debit card at the Point of Sale terminal.
You can use your Maestro Debit card for ATM withdrawals. Banks charge the card holder such withdrawals. A customer is allowed eight free ATM transactions in a month. Of these, five are at the ATM of the bank which has issued the card. Three free transactions are permitted when the debit card is used at the ATM of other banks. Any transaction in excess of the limits attracts charges. A customer has to pay INR 20 for every financial transaction undertaken. The charge for a non-financial transaction is INR 8.5.
You can apply for a Maestro Debit card at your bank where you have a savings or current account. Get in touch with the nearest branch of the bank to apply. You can also apply for the card online by visiting the website of the bank. As you already have a savings or current account, minimal documentation is required for issuing the Maestro card. These documents are required for KYC compliance. Here’s a list of documents commonly requested by the banks:
- Proof of identity
- Proof of residence
- PAN card.
- Form 16 (only if PAN card is not available)
- 2 latest passport size photographs.
In a chip card, the card is embedded in a chip. These chips store the information about the card holders. Chips cards are simple to use and accept, and give cardholders increased convenience and security. These cards can also keep track of purchases. This helps the retailers and service providers marketing opportunities.
Yes, the Maestro logo is embossed either on the front of the debit card or on the reverse side. In case you cannot locate the logo, you should contact your bank to verify if they are linked with the Maestro program.
This is not possible. The Maestro debit card is linked to your savings or current account. It can only process transactions up to the amounts available in your account. However, you can check with your bank if it provides the overdraft facility. This can allow you an access to additional funds in case of emergency.
If such an event, get in touch with your bank as soon as possible. Provide your identification details and instruct the bank to block your card. If your card has been stolen, go the police station and file a FIR. You need to submit the FIR to the bank so that they can issue a replacement card.
You simply need a bank account to get this debit card. Unlike the credit cards, credit score is not relevant for a debit card.
Yes, it is possible to link multiple accounts to a single debit card. This facility may not be available with all banks. Check with your issuing bank if such a linkage is allowed.
You can log on to the website of your bank and use the net banking services. This will allow you to change the PIN of your Maestro debit card.
A debit card is blocked if you enter the wrong PIN number three times in a row. This is a security measure taken by the bank. Doing so ensures that the card has not fallen in the wrong hands. Resetting the PIN is an easy process – simply follow the instructions online or use the telebanking services.
You should immediately inform your bank about the failed transaction. Call up the customer care number printed on your card. Usually, you will be provided a ticket number for the complaint. This number can help you track the status of the refund. Your bank should reverse the transaction within 7 working days. You should lodge complains about such claims within 60 days from the date of transaction.
If at any time, you feel that the PIN has been inadvertently divulged to any one or compromised in any other way, change it immediately. Make sure that the new PIN is unique. Avoid easy guessing PINs like sequential numbers.
Mastercard provides many different features and benefits. This differs and depends on the specific card that you have. It is best to contact the card issuing bank to know more about the benefits.
Certain retailers offer the consumers to get cash for purchases made through debit cards. This is called a cash back facility. The amount of cash back depends on the retailers. In case of any queries, contact the retailer directly.
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