Debit and credit card transaction rules will be changed from tomorrow, check new guideline before using

 

If you are a customer of ICICI Bank or SBI or any other bank then you must have received a message saying that from September 30, international transaction services are being discontinued with your card.  So don't worry.  This has been done for your protection only.  In fact, the Reserve Bank (RBI) had ordered all banks to stop increasing frauds on debit and credit cards, so that they do not unnecessarily give international facilities to the customers' cards, unless the customer himself demands it.

 The purpose of this directive is to curb fraudulent transactions through debit and credit cards.  This rule is effective from October 1.  That is, now international transactions will not be available on your card.  You will have to request it separately.  According to the new RBI guidelines, now customers will get a chance to choose the service.  They will decide for themselves which facility they need, how much spending limit for online transaction etc.

Debit and credit card service will be available at domestic ATMs and point of sale

 - Both debit and credit card holders must set their credit limit.

 - The card holder must decide the services availed on his card.

 - The bank has asked all banks and card issuing companies to make online transactions on those cards - 

- eliminate the facility which has never been used for online transactions.