What is the difference between debit card and ATM card?
Debit cards have been introduced after ATM cards but nowadays banks issue more debit cards than ATM cards. Principally, there is no difference in the functioning of ATM cards and debit cards. However as far utility is concerned, debit cards have an additional feature with which you can use it for shopping. You cannot use an ATM card for online shopping or purchases at shopping malls. What are the charges on debit cards? Every bank levies an annual fee (Rs.100 onward) plus service tax and education tax every year. Besides the annual fees, you may have to pay transaction charges for using third party ATM. Therefore, when you use debit card of Axis Bank at the ATM of ICICI Bank, your bank will charge you some fees and service tax on the fees. Recently RBI has issued certain guidelines on the third party ATM transactions charges. In the past, banks were charging hefty fees for using other bank’s ATM. Moreover, banks also charge you for issuing new cards in place of lost or mutilated cards,
