Number of debit card related queries increased in 2018 but only in metro cities.
Your ATM or debit card is perhaps the most important and most used document that you carry in your wallet. From withdrawing cash to paying at retail outlets or even online shopping, it has completely changed the way we transact. However, using a debit card comes with its share of perils too.
All of us have faced instances where transactions have been declined or cash has not been disbursed but the amount has been debited or the automated teller machine failing to read the card. Fortunately, such matters can be resolved if one follows a few simple steps and lodges a complaint in case money has been deducted wrongly.
That said, RBI in its December 2018 report (trends and progress of banking in India) highlighted that the number of queries related to debit cards to Banking Ombudsman increased to 24,672 for June-July 2018 as compared to 16,434 over the same period in 2017. However, it also stated that most of the complaints came from urban areas owing to increasing awareness among customers. The report further stated that the efficacy of internal grievance redressal mechanism in banks has not been up to the desired level.
In case an ATM does not read your card, you must contact the bank with transaction details. Usually, they provide a solution within two working days. “This might happen due to link fluctuations with the machine and the customer needs to retry or recheck with an alternative terminal. If the magnetic strip on the card or the chip reader is damaged, the customer can call the helpline number or approach the nearest branch to solve the matter,” said Sudipta Roy, Head, Unsecured Assets and Cards, ICICI Bank.
Diese Geschichte stammt aus der March 2019-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der March 2019-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs
How Do You Define Happiness?
Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness
Avoid Crypto As It Is Highly Volatile
I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?
Invest Right, Don't Speculate
The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it
Here's How To Buy An ETF?
Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.
How Passive Funds Help Diversify
Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio
The Rise Of Passive Funds
The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms