GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is a card issued by a rating agency
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It is card which carries prepaid balance
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It is a card which can be used for making STD calls
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It is a card which can be used for withdrawing cash or making payment if there is balance in the account
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Detailed explanation-1: -What is a Debit card? A debit card is a plastic payment card issued by a bank that allows you to make purchases without using cash. A debit card can be used at an ATM as well as for online and offline transactions by entering the information and/or swiping the card.
Detailed explanation-2: -When you open a checking account at a bank or credit union, you usually get a debit card. A debit card lets you spend money from your checking account without writing a check. When you pay with a debit card, the money comes out of your checking account immediately. There is no bill to pay later.
Detailed explanation-3: -Cash cards and debit cards at a glance In short, a cash card can only be used to make cash withdrawals from your account at an ATM. In contrast, a debit card, also known as a bank card, is a payment card that can be used to withdraw cash at an ATM or when you need to pay directly for items in-store or online.
Detailed explanation-4: -Because the payment is deducted directly from a checking or savings account. If you use a debit card at a retail store, you or the cashier can run your card through a scanner that enables your financial institution to verify electronically that the funds are available and approve the transaction.