Bank charges a sum for extending services like re-issuance of debit cards, re-generation of a PIN and annual maintenance charge. The rates vary according to the nature of the card issued.
Banks usually offer many services to their customers, which enables the customers to perform their tasks easily. One of the services is the issuance of debit cards. While debit cards come free for the first time but, banks charge a sum of money for services like reissuing the debit cards to annual maintenance charges. These are the charges you must bear for replacement of your debit card. GST is levied on the replacement of lost/stolen card, physical PIN regeneration and annual maintenance.
1)Debit card re-issuance/ replacement
2) Annual maintenance charges
The annual maintenance charges vary with the cards issued. For the classic cards, most banks like SBI, HDFC, PNB, Axis bank charges between Rs 100-150, while bank of india charges Rs 60 for semi urban and rural area and Rs 120 for metro and urban area.
ICICI Bank charges no fee towards annual maintenance charge for its debit cards. For the Coral debit card, the bank charges a joining fee of Rs 499 and an annual fee of the same amount, according to its website. For its Platinum debit card, HDFC Bank charges a fee of Rs 750 as an annual renewal fee. The annual card fee of Yes Bank’s First World debit card is Rs 2499. However, it is waived off for some customers. An annual fee for the Platinum card in Yes bank is Rs 599.
3) Regeneration of debit card PIN
Most banks like SBI, HDFC, PNB, yes bank and Axis bank charges a fee of Rs 50 for its debit card. However, there are no charges applicable to customers generating an instant PIN, wherein the customer sets up the PIN using net banking or mobile banking, according to the bank’s website. ICICI Bank has stipulated a fee of Rs 25 as debit card PIN regeneration charges. These charges are “not applicable if request through Instapin at Branch/Customer Care.
Here is a tabular presentation of the charges
|Debit card issuance charges||Debit card reissuance/replacement charges||Annual Maintenace charges||Regeneration of debit card PIN|
|Classic/gold card||Platinum card||Classic cards||Platinum card|
|499 (coral card)||200||499(coral)||25|
|Bank of India||125(EMV card)||120||60(semi urban and rural)||120(metro and urban)|