Credit card, Debit card holders alert! New RBI rules to change your experience from October 1, 2020; some benefits ended - full details inside
SBI, PNB, ICICI Bank, HDFC Bank and other banks' credit card and debit card holders were given some services during the COVID-19 lockdown and notably, these services have ended from 30th Serptember 2020 midnight.
SBI, PNB, ICICI Bank, HDFC Bank and other banks' credit card and debit card holders were given some services during the COVID-19 lockdown and notably, these services have ended from 30th Serptember 2020 midnight. In fact the State Bank of India (SBI), ICICI Bank and HDFC Bank have already started sending messages to customers in this regard as these services are going to end for all customers of these three banks. These banks had to stop these debit, credit card services in the wake of Reserve Bank of India (RBI) changing relevant norms. These services are related to international transactions.
As per the new RBI norms, bank customers will have to share their priority for international, online and contactless transactions from their credit cards and debit carrds. Means a credit or debit card holder will have the luxury to choose international, online or contactless transactions for its debit or credit card. If they don't want these services on their debit or credit card, banks won't be able to enable these services on their own and charge customers for these services. So, for those customers who don't go abroad they can deactivate the international transaction facility on their debit or credit card.
The ICICI Bank has sent messages to its customers telling them about the online transactions getting stopped from midnight today. However, the message also reads that to enable this service, one can avail of the ICICI Bank's 24X7 online service. The ICICI Bank allows its customer to enable and disable international transactions through iMobile and internet banking.
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SBI, PNB and HDFC Bank too have sent the same SMS to its customers.
Now, bank debit or credit card holders can change their limit 24X7 by visiting mobile apps, international banking, ATM machine and IVR.
The new RBI rules for bank debit and credit card in regard to international, online and contactless transactions will become effective from 1st October 2020.
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