What are the charges for a debit card?

Debit Card Charges: Navigating Tiered Options

Debit cards offer convenient access to your funds, but understanding the associated charges is crucial. Our bank provides a range of debit card options with varying features and fees.

Tiered Debit Card Offerings

• Pro-Gold Debit Card: This premium card comes with a monthly fee of Rs. 250. It provides enhanced features such as additional ATM withdrawal limits, exclusive discounts, and rewards programs.
• EasyShop Debit Card: Suitable for basic usage, this card has a monthly fee of Rs. 150. It offers standard ATM withdrawal limits and allows for convenient POS transactions.

Tax Implications

Both the Pro-Gold and EasyShop debit cards are subject to specific tax implications:

• Goods and Services Tax (GST): A GST of 18% is applicable on the monthly fees for both cards. This means that the actual fee for the Pro-Gold card is Rs. 294 (inclusive of GST), and for the EasyShop card, it is Rs. 177 (inclusive of GST).

Choosing the Right Card

When selecting a debit card, consider your financial needs and usage patterns. If you frequently withdraw cash from ATMs or require additional features, the Pro-Gold card may be a suitable option. For basic debit card functions, the EasyShop card offers a cost-effective solution.

Convenience and Security

Debit cards provide convenient access to your funds and can be used for purchases both online and offline. They also offer an added layer of security compared to carrying cash, as they can be easily blocked in case of loss or theft.

Remember to factor in the tax implications when comparing the monthly fees for each card. By selecting the appropriate debit card, you can optimize your financial management and enjoy hassle-free fund access.