RuPay Card is the latest payment scheme that is equivalent to a Visa/Master card. As per the RBI’s instructions all state owned banks can issue RuPay debit cards. The basic idea was to have a combined payment system and have an Indian Debit/Credit card.
Up till recently there was no domestic card in the market and hence all banks had to depend on Visa or Master Card services for the purpose of carrying out transactions. Every credit/debit card of these International companies charges a fee that have to be paid by the Indian banks. RuPay is a solution to ensure that all transactions happen within India and help save a lot foreign exchange. So keeping this in mind RuPay card was launched by the National Payments Corporation of India (NPCI) on 26 March 2012.It has a tie up with Discover Financial Services firm and as such it has been accepted as a payment method even outside India.
How To Get SBI RuPay Card & How to use it
RuPay is certified by 25 Indian Banks and functions with all ATM’s in India that work under National Financial Switch. It has a microprocessor circuit embedded in it and stores all the information of the card holder. All the transactions are carried on pin number basis and for high end dealings it uses a higher technology chip called named EMV (Europay, MasterCard and Visa). You can access this card form around 1.45 lakh ATMs and 8.75 lakh POS terminals in India. Apart from this there are around 10000 websites that allow you shop using the RuPay Card.
Who are eligible to apply
RuPay card can be accessed by anyone who has either a savings or a current account with the SBI. If you already have a debit card then you can exchange it for a RuPay card. New customers can also apply for a new RuPay card.
Since it is a debit card you can withdraw cash or use it for cashless purchases. Maximum limit for withdrawal is 10000 per day and the maximum amount that can be funded is only 50000.Again You can only carry out 4 transactions per month.
Documents needed for RuPay Card
For RuPay card you can produce either an identity proof or address proof and the self-attested copy need to be handed over.
- Identity Proof
- Passport, Voter ID, PAN card, Driving License, Photo ID issued by Post Office or Photo ID issued by universities or institutes approved by AICTE, UGC.
- Address Proof
- Credit Card Statement, Salary Slip, Income Tax statement, Electricity Bill, Water Bill, Ration Card
- 2 Passport Size photograph
Procedure for opening account
- For opening the account you need to collect the application form from the nearest SBI branch (or other banks that support it). Specify clearly to the bank teller that you need to the avail the RuPay card facility and fill in this form with all your personal detail
- For RuPay card the process is simplified and you need to submit either your identity proof or address proof whichever is available.
- Hand over the money to be deposited into the account and you will be provided with a passbook. The RuPay card will be sent by mail to your address within 10-20 days.
Advantages of using RuPay Card
Transaction cost of RuPay card is lesser as compared to Visa or MasterCard. For the latter the banks will have to bear the fees to the International companies which is not needed in RuPay as all transactions happen within India.
It’s easily accessible to all. Even people from rural areas can avail this services.
As all processing happens within India there is no clearance cost incurred.
It functions on the PIN authorization hence ensuring security for the users.
By launching RuPay card India will be less dependent on International debit/credit cards.
The card users can also get SMS alerts that helps you know the balance as well as the cash withdrawn from account.
Rupay Card Benefits
Most banks offer RuPay cards in India today and they offer their own custom offers with it. For example, HDFC bank offers the following benefits on it’s premium Rupay card.
- Daily withdrawal Limit: Rs 25,000
- 5% CashBack on Utility Bill payments
- Zero fuel surcharge
If you are looking at improving your credit score, get a good credit card instead of Rupay Card.
Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life, through this blog. It’s read today by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story on who I am and why I blog. Connect with me on Facebook, Instagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! 🙂