BANKING AFFAIRS

Detailed explanation-1: -An ATM card is one that you insert into an automated teller machine in order to perform certain transactions. ATM stands for Automated Teller Machine that enables you to withdraw money, check balance or perform other kinds of money transactions without the need of any bank representative.

Detailed explanation-2: -A debit card is a payment card that is linked to the funds in your account and can be used to withdraw or deposit cash at ATMs and be used at both in-person and online retailers.

Detailed explanation-3: -Overdraft is a facility in which a customer having current account is allowed to withdraw more than the balance available in his account. He can overdraw up to a specific limit and for an agreed period.

Detailed explanation-4: -1. Debit cards shall only be issued to customers having Savings Bank/Current Accounts. 2. No bank shall issue debit cards to cash credit/loan account holders.

Detailed explanation-5: -A debit card allows the account owner to access their funds electronically. Debit cards may be used to obtain cash from automated teller machines or purchase goods or services using point-of-sale systems.