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Credit Card Cash Withdrawal Rules: Check Limit & Interest Rate and more

Jyoti — Tue, 18 Feb 2025 06:14:27 +0000

Credit Card Cash Withdraw: Nowadays the use of credit cards has increased a lot. It is not only convenient for shopping, but can also be useful for withdrawing cash in an emergency. However, it is very important to know some important terms and conditions before withdrawing money from a credit card, so that you do not have to suffer financial loss.

Cash Advance Fee

When you withdraw money from a credit card, the bank charges a cash advance fee, which is usually 2% to 3% of the withdrawn amount. This fee is added to your credit card statement. For example, if you have withdrawn ₹10,000 and the bank charges 3% cash advance fee, you will have to pay ₹300 extra.

Calculating Interest Rate

Interest is charged immediately on withdrawal of money from a credit card, while interest on purchases is charged after some time. This interest rate can be 24% to 48% per annum, which is applicable from the day of withdrawal. If you do not pay on time, the burden of interest can increase even more.

No grace period benefit

Usually, there is a grace period of 20 to 50 days on purchases made with a credit card, during which you do not have to pay interest. But this grace period does not apply when withdrawing cash.

Cash Limit

Every credit card has a cash limit, which can be anywhere from 20% to 40% of your total credit limit. Withdrawing more than this amount may result in a failed transaction.

Impact on Credit Score

If you do not repay the cash advance on time, it can affect your credit score. A bad credit score can cause problems in getting a loan or a new credit card in the future.

Kotak Mahindra Bank gets relief, permission to issue credit cards, RBI removes ban

Jyoti — Thu, 13 Feb 2025 08:02:29 +0000

New Delhi. Private sector Kotak Mahindra Bank has got a big relief. The Reserve Bank of India (RBI) has lifted the restrictions imposed on the bank on February 12. Kotak Mahindra Bank can now issue credit cards to new customers. Apart from this, the bank will now be able to add new customers through online channels.

The Reserve Bank of India had imposed these restrictions on Kotak Mahindra Bank on 24 April 2024. Shares of Kotak Mahindra Bank closed at Rs 1943.30 on the Bombay Stock Exchange on Wednesday with a gain of 1.35 per cent.

What did RBI say on lifting the ban?

The central bank had instructed Kotak Mahindra Bank to stop adding new customers and issuing new credit cards through its online and mobile banking channels. Now the Reserve Bank has said that the bank took necessary steps to rectify its shortcomings and followed all the rules. Apart from this, an external audit was also conducted with the approval of the central bank so that these improvements could be confirmed.

Why did RBI impose restrictions?

RBI imposed restrictions on Kotak Mahindra Bank because deficiencies were found in the technical and security systems of the bank during the IT examinations of 2022 and 2023. The bank was repeatedly asked to rectify these problems, but timely and complete solutions were not provided. For this reason, restrictions were imposed on the bank.

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HDFC Bank: Festive offer for customers, no annual fee will be charged on these cards

Jyoti — Sun, 03 Nov 2024 15:09:24 +0000

HDFC Bank has introduced a special offer for its customers in the festive season. Now you can get some of the bank’s famous credit cards without any annual fee or other charges. This means that you will not have to pay annual fees on these credit cards.

This offer is valid on Swiggy HDFC Bank Credit Card, Tata New Plus HDFC Bank Credit Card and Tata New Infinity HDFC Bank Credit Card till December 31. Earlier, HDFC Bank had given customers a chance to get Freedom Credit Card and BizFirst Credit Card without any annual fee till October 31.

Credit card annual charge

The Tata New Plus HDFC Bank credit card has an annual fee of Rs 499, while the Tata New Infinity HDFC Bank credit card has an annual fee of Rs 1,499. Similarly, the Swiggy HDFC Bank credit card has an annual fee of Rs 500.

What are the annual charges?

Almost all banks charge a joining fee and an annual fee for credit card facility. The joining fee is charged only once, while the annual fee is charged on your card every year. This fee may vary according to the bank. Some banks waive this fee, while some banks put a condition that if the customer makes a purchase of a certain amount every year, then the annual fee can be waived off.

festive season offer

Such offers during the festive season give customers a chance to take advantage of the credit card and avail it without any annual fee. This offer from HDFC Bank is a good option for customers who want to use the card without any annual fee.

HDFC Bank offers credit cards without annual fee during festival season

Jyoti — Fri, 01 Nov 2024 05:11:48 +0000

There is good news for HDFC Bank customers in the festive season. Actually, the bank is offering some of its popular credit cards without any annual fee or other charge. This means that you will not have to pay the annual charge for the card.

According to Mint, this offer is valid till December 31 for Swiggy HDFC Bank Credit Card, Tata Neu Plus HDFC Bank Credit Card and Tata Neu Infinity HDFC Bank Credit Card.

Earlier, customers had the opportunity to apply for Freedom Credit Card and BizFirst Credit Card without annual fees till October 31.

Annual fees of popular credit cards

The annual fee of Tata New Plus HDFC Bank Credit Card is Rs 499 while the annual fee of Tata New Infinity HDFC Bank Credit Card is Rs 1,499. The annual fee of Swiggy HDFC Bank Credit Card is Rs 500.

What are annual charges?

Let us tell you that in almost all the banks that provide credit card facility, you have to pay joining fee and annual charge. Annual fee is the most common charge in the card which is levied on your card every year. You have to pay joining fee only once, while you have to pay annual charge every year. Annual charges vary according to the banks. However, some banks do not charge this charge. At the same time, some banks put a condition in front of the customers that you will be given a discount on annual charge if you do shopping of so many rupees every year.

These 7 credit cards are best for traveling abroad, you will not have to pay forex charges

Jyoti — Thu, 31 Oct 2024 10:20:51 +0000

New Delhi. Before going abroad, you have to do a lot of planning, the biggest of which is the planning of expenses. If you make any kind of payment abroad with your credit card, then the credit card companies charge you forex markup fee.

This fee can be up to 3.5 percent of your transaction amount. However, there are some credit cards that charge less forex markup fee. Apart from this, there are many such credit cards in the country on which you do not have to pay forex markup fee.

Here is a list of 7 credit cards that will enhance your travel experience abroad this season.

These 7 cards do not have any forex markup fees.

HDFC Bank Regalia ForexPlus Card

This is a single currency forex card available in US Dollars. There are no cross currency mark-up charges and it is accepted by all Visa/Mastercard affiliated merchants worldwide.

Axis Bank Burgundy Private Credit card

This card does not levy any charges on cash withdrawals or interest till the due date of payment. There is no forex mark-up on international transactions. There is also a facility to increase the credit limit while traveling abroad.

Federal Scapia Co-branded Credit Card

Zero forex markup is required on international transactions through this card. There is no joining and annual fee in this.

RBL World Safari Credit Card

This card has 0 markup fee on any foreign transaction. Its annual membership fee is Rs 3,000. You can avail 2 free lounge visits at domestic and international airports in India every quarter.

ixigo AU Credit Card

There is no extra charge on international purchases through this. Apart from this, it also gives 10 percent instant discount on hotel and flight bookings.

Club Vistara IndusInd Bank Explorer Credit Card

This card gives you free Club Vistara Gold membership and zero forex mark-up on all international spends. Apart from this, free business class ticket vouchers are also available on completion of milestone spends.

BookMyForex Forex Card

There is no forex mark-up on this card. You can manage it through the app. This is a lifetime free card.

Co-branded credit cards: You get all these extra benefits on co-branded credit cards, there will be huge savings in festive shopping

Jyoti — Tue, 15 Oct 2024 10:05:01 +0000

The festive season is on. In this, we all shop for valuables ranging from clothes and electronics. Retailers and online platforms offer huge discounts to attract consumers at this time.

Do you know that you can make huge savings by shopping with co-branded credit cards this festive season? Let us know how this card is different from a normal credit card and what extra benefits are available on it.

What is a co-branded credit card?

Co-branded credit cards are credit cards that offer you higher discounts on purchases from a particular brand. Along with this, you are offered more reward points, special discounts and cashback on shopping. These cards not only help customers enjoy loyalty benefits but also offer discounts during festive sales.

Benefits of Co-Branded Credit Cards

Special discounts and offers

Co-branded credit cards often offer special deals on the brand they are associated with. These special savings are one of the primary reasons why using a co-branded card can be more profitable than using a regular credit card.

More reward points

One of the main benefits of co-branded credit cards is the accelerated reward points system. During the festive season, these reward points can translate into significant savings, especially on big-ticket items like smartphones, laptops and home appliances.

Cashback Offers

Many co-branded credit cards offer instant cashback at the time of purchase. For example, you are buying a television worth Rs 50,000 during a festive sale. If there is a 10 percent discount, the price becomes Rs 35,000. Moreover, with the 5% cashback offer from your co-branded credit card, you can save another Rs 1,750.

No-cost EMI option

Many co-branded credit cards also offer no-cost EMI (equated monthly instalments) facility during the festive season, allowing you to make payments without any additional charges.

Other benefits

Apart from retail shopping, co-branded cards offer benefits such as discounts on flight bookings, hotel reservations and dining, which can be useful when planning a holiday trip.

HDFC Bank again changed the rules of credit card, Will be implemented from September 1

Pravesh Maurya — Tue, 06 Aug 2024 09:13:31 +0000

HDFC Credit Card: HDFC Bank’s credit cards are quite popular. However, the bank is now going to make many changes in its credit card reward program. The new rules are going to be implemented from September 1.

Due to this, you will get only 2000 reward points every month on utility transactions. Apart from this, reward points will not be given on education payments. Earlier, many banks have changed the rules to stop the use of personal cards in commercial and business transactions.

Many rules of credit card were also changed from August 1

HDFC Bank had changed many new rules on credit card from August 1. In this, 1 percent fee is being charged for utility transactions of more than Rs 50 thousand. Apart from this, this limit has been made 75 thousand rupees per transaction on business cards. However, insurance bill is not considered a utility transaction. Now the limit of maximum points available in a month has also been fixed. Also, a cap of 2000 reward points in a month has been imposed on mobile and cable bills.

Also Read: LIC launched 4 new plans – Check benefits, eligibility, other details

Use of personal credit card in business transactions

The bank has informed that in many cases people have used personal credit cards for business transactions. Reward points are also being earned by paying bills of other people. This also gives them the benefit of offers based on expenditure. Now after imposing a limit on reward points, the credit card cannot be misused.

You will not get any benefit on payment through third party apps like Cred

Along with this, HDFC Bank has said that no reward points will be given for making education payments through third party apps like CRED, PayTM, Cheq and MobiKwik. However, reward points will be given for paying fees directly from the school or college website or POS machine. As per the rules implemented on fee payment from August 1, 1 percent fee is being charged on transactions made through third party apps.

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Credit card holders: This bank has imposed 1% extra charge on utility bills on credit cards

Pravesh Maurya — Fri, 19 Jul 2024 04:00:51 +0000

New Delhi. If you use credit card for utility bill payment like mobile, electricity, gas, water, then you need to be cautious. Actually, private sector AU Small Finance Bank has shocked its credit card users.

The bank has decided to charge 1 percent extra on payment of utility bill through credit card (AU Small Finance Bank Credit Card). Earlier, credit card customers of HDFC Bank, Yes Bank and IDFC First Bank also have to pay extra charge on payment of utility bill after a certain limit.

This rule of AU Small Finance Bank will come into effect from August 15, 2024. This means that 1 percent extra charge will have to be paid for paying utility bills after a certain limit using AU Small Finance Bank credit card. Apart from this, extra charge will also have to be paid on fuel spend after a certain limit.

Also Read: Railway Service Closed: Online and offline reservations and 139 service will be closed tonight in Delhi

Yes Bank will charge a surcharge on payment of utility bills of more than Rs 50,000
. AU Small Finance Bank will charge 1% extra on bill payments of more than Rs 50,000 in a statement cycle through credit card. However, no extra charge will be levied on bill payments of less than Rs 50,000 in a statement cycle.

After a certain limit, you will have to pay extra charge on fuel spend as well

In a statement cycle, if the total fuel spend exceeds 50 per cent of your credit limit or Rs 50,000, whichever is lower, then 1 per cent charge will be levied on the total fuel spend beyond this limit.

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Tax Saving Options: Save up to 16% on income tax payment, just pay with these credit cards

Pravesh Maurya — Tue, 16 Jul 2024 04:22:33 +0000

New Delhi. It is important to pay income tax on time. But you can save on tax payment in some ways. In such a situation, today we are going to tell you such tricks, by which you can save your money. Actually, you can make huge savings by paying income tax through select credit cards.

Speaking to ET, Ankur Mittal, co-founder and CTO of CardInsider.com, said, “Only a few credit cards in India offer reward points on income tax. A few select cards, such as HDFC BizBlack and HDFC BizPower credit cards, offer reward points for tax payments. These cards offer savings of up to 16 per cent and 8 per cent on income tax and GST payments respectively.”

Milestone rewards on these credit cards

Mittal further said that apart from these, you can also use other credit cards SBI Vistara Cards/IDFC Vistara Card which also offer milestone rewards on payment of income tax such as SBI Vistara Card/IDFC Vistara Card where you can get complimentary flight tickets on reaching the milestone.

Also Read: IRDA: Insurance Amendment Bill may be introduced in Budget 2024, you will get these benefits

July 31 is the last date to file ITR.

If you have not filed income tax return for the financial year 2023-24 (AY 2024-25), then hurry up. Actually, July 31 is its last date. After this, a fine will be charged by the Income Tax Department. If someone does not file ITR even by July 31, then he is given a chance to file belated return till December 31 with a penalty.

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Big action by RBI against Kotak Mahindra Bank, ban on issuing new credit cards

Pravesh Maurya — Thu, 25 Apr 2024 05:40:15 +0000

Kotak Mahindra Bank: RBI has also decided to ban Kotak Mahindra Bank from adding new customers through online or mobile banking channels.

RBI On Kotak Mahindra Bank: Banking sector regulator Reserve Bank of India has taken major action against Kotak Mahindra Bank. RBI has banned Kotak Mahindra Bank from adding new customers through online or mobile banking channels. Apart from this, RBI has also decided to ban the issuance of new credit cards of Kotak Bank. However, RBI said that Kotak Mahindra Bank will continue to provide all services to its existing customers including credit card customers.

RBI issued a press release saying that during the IT examination of the Reserve Bank of India for 2022 and 2023, concerns were expressed regarding various shortcomings in the bank. Kotak Mahindra Bank has failed to resolve these concerns within the stipulated time. RBI said that due to lack of robust IT infrastructure and IT risk management framework, the bank’s core banking system and its online and digital banking channels have faced several outages in the last two years. In the same month, on April 15, 2024, the services were halted due to which the bank customers had to face problems.

According to RBI, Kotak Mahindra Bank has failed to strengthen its IT systems with its growth. In the last two years, RBI has been in constant touch with the top management of the bank to strengthen the IT systems and overcome these problems. But the result has not been satisfactory.

According to RBI, there has been a strong increase in the volume of digital transactions of the bank, which also includes transactions related to credit cards. This has increased the load on IT systems. For this reason, keeping in mind the interests of the customers, RBI has decided to impose business restrictions on the bank so that long-term outage can be prevented because this will not only affect the customer services of the bank but also the financial performance of digital banking and payment systems. The ecosystem will also be shocked.

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Financial Rules : Rules from NPS to credit cards will change from April 1, know here

Pravesh Maurya — Tue, 26 Mar 2024 03:46:18 +0000

Financial Rules Changing: Many such changes are going to happen from April 1, which will have a direct impact on the pockets of common people. Know about this.

Money Rule Changes from 1 April 2024: The month of March is about to end and soon the new financial year 2024-25 will start. With the beginning of April, there are many money related rules which are going to change.

This includes changes in the method of logging in to the National Pension System and changes in the credit card rules of SBI. We are telling you about those rules, which are going to directly affect your pocket.

1. To log in to NPS account, two factor verification will have to be done.

Pension Fund Regulatory and Development Authority (PFRDA) has made changes in its login system to protect NPS subscribers from cyber fraud. Now to log in to the NPS account, NPS account holders will need the user ID and password as well as the mobile number linked to Aadhaar. PFRDA is going to introduce Aadhaar-based login authentication in NPS. This rule will come into effect from April 1, 2024.

2. There is going to be a change in the rules of SBI credit card

There is bad news for SBI credit card holders. Now the reward points received on rent payment will be stopped from 1st April. In this, this facility is being discontinued in SBI’s AURUM, SBI Card Elite, SBI Card Pulse, SBI Card Elite Advantage and SimplyCLICK credit cards.

3. Changes in the credit card rules of Yes Bank

Yes Bank has decided to give a gift to its credit card holders in the new financial year. Now customers will get free access to domestic airport lounge on spending at least Rs 10,000 in a quarter of the current financial year. The new rules will come into effect from April 1, 2024.

4. There is going to be a change in the rules of ICICI Bank’s credit card.

ICICI Bank is also going to change the rules of its credit card. From April 1, 2024, customers will get complimentary airport lounge access if they spend more than Rs 35,000 in a quarter.

5. Change in rules of OLA Money Wallet

OLA Money is going to change its wallet rules from April 1, 2024. The company has informed its customers by sending SMS that it is going to increase the limit of small PPI (Prepaid Payment Instrument) wallet service to Rs 10,000.

Prices of diesel increased along with petrol, know the price of oil in Delhi-UP to Rajasthan.

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SBI, ICICI, Axis and HDFC Bank changed the rules related to credit cards, know what will be the impact on users.

Pravesh Maurya — Tue, 09 Jan 2024 06:44:59 +0000

Credit card rules have recently been changed by the country’s big banks like SBI, HDFC Bank, ICICI Bank and Axis Bank. The changes in these rules will have a direct impact on the users of these banks. In such a situation, if you also use the credit cards of these banks, then you should know these rules.

New rules in HDFC Bank Credit Card

HDFC Bank has made some changes in the rules of Regalia and Millennia Credit Cards. Now lounge access facility will be available only after spending at least Rs 1 lakh on HDFC Bank Regalia Credit Card. You will get only 2 lounge access in a quarter.

At the same time, the benefit of credit card facility will be available only after spending Rs 1 lakh quarterly through HDFC Bank Millenia Credit Card. Through this card, you can avail the lounge only once in a quarter.

New rules in SBI credit card

SBI Card has changed the rules of Paytm SBI Credit Card. Cashback will not be available on payment of fare through this credit card from January 1. Earlier on November 1, SBI Card has reduced the reward points on online shopping from EasyDiner from 10X to 5X.

Axis Bank also made changes in credit card rules

Axis Bank has made some important changes for its credit cardholders. The bank has changed the Axis Bank Magnus Credit Card benefits and annual charges and joining fees. The bank has also revised the terms and conditions of the Axis Bank Reserve Credit Card.

ICICI Bank reduces lounge access benefit

ICICI Bank has changed the rules of airport long access and reward points on its 21 major credit cards. Along with this, the rules of reward have also been changed. It has been told by the bank that from April 1, 2024, lounge access facility will be available only after spending Rs 35000 in a calendar quarter.

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Credit Card Charges: These hidden charges have to be paid on credit cards, know the complete details before applying

Pravesh Maurya — Wed, 01 Nov 2023 08:09:58 +0000

People love credit cards for cashback reward points and offers. If you use your credit card properly and pay your entire bill on time, you shouldn’t worry too much. But these credit cards come with many hidden charges that you should be aware of. Read what is the full news.

Credit Card Hidden Charges: Banks give you credit cards without any mortgage. Due to the cashback, reward points and offers available on the credit card, we take the credit card but later we get scared after seeing the hidden charges associated with it.

If you use your credit card properly and make full bill payment on time, then you should not worry too much. However, you must be aware of some hidden charges that are charged to you.

Annual Maintenance Charge

This is a charge that applies to every credit card whenever you apply for a new credit card. Although some banks waive the joining fee and maintenance charge for the first year, but from the next year onwards you have to pay the maintenance charge of your credit card every year.

Cash advance fee

Cash advance fee is the amount you withdraw from an ATM using your credit card. Generally, it is not advisable to withdraw cash from credit card through ATM because banks levy high charges on it. Typically, the cash advance fee is 2.5 percent of the cash advance amount.

Interest Rate (APR)

When your credit card bill is generated, total amount due and minimum amount due are written in it. Many people pay only the minimum amount, however, by doing so you can get trapped in the debt trap because the credit card company charges 2 to 4 percent interest every month on the remaining amount.

Late payment charge

If you do not pay even that minimum amount before the due date, then the credit card company also imposes late payment charges on you.

Foreign transaction fee

For any transactions you make in foreign currency, Foreign Transaction Fee applies. This fee is up to 3 percent of the value of your purchases made abroad.

GST

A GST of 18 percent is levied on any transaction made by credit card.

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SBI Credit Card Rules: SBI has changed the rules related to credit cards, if you use then definitely know

Pravesh Maurya — Thu, 04 May 2023 03:32:10 +0000

If you are a credit card user of State Bank of India (SBI Card), then there is important news for you. Actually, State Bank of India Cards and Payment Services (SBI Cards & Payment Services) has changed some rules from May 1, 2023. The company has given this information on its website.

Explain that State Bank of India Cards and Payment Services issues many credit cards and offers vary depending on the type of card.

Latest Changes in SBI Credit Card

According to SBI Card’s website, AURUM cardholders will no longer get the Rs 5,000 coupon from RBL Luxe on milestone spends of Rs 5 lakh, but will instead get a voucher from Tata CLiQ Luxury from May 1, 2023.
Benefits of EasyDiner Prime and Lenskart Gold membership will not be available in AURUM Card from May 1.
From May 1, 2023, instead of 5X reward points, 1X reward point is being given on rent payment transactions through SimplyClick SBI Card and SimplyClick Advantage.
From April 1, 2023, SBI Card has started earning 5X Reward Points instead of 10X Reward Points on Lenskart Online Shopping with SimplyClick SBI Card and SimplyClick Advantage. However, your card will still earn 10X reward points on online purchases from Apollo 24X7, Bookmyshow, Cleartrip, EasyDiner and Netmeds.
The company has increased the processing fee on Rent Payments through credit cards. SBI Card had told in the SMS sent to the users that now they will have to pay Rs 199 + taxes instead of Rs 99 + taxes. These rules have come into effect from March 17, 2023.

Credit Card Hidden Charges: These are the hidden charges of credit cards, bankers never tell, know otherwise…

Pravesh Maurya — Sat, 14 Jan 2023 09:05:11 +0000

Credit Card Hidden Charges: Along with the big cities of the country, the trend of credit cards has increased in small towns as well. If you use credit cards wisely then they are helpful in saving money.

However, there are some charges associated with these credit cards which are quite high. Usually the bankers do not tell this. People using credit cards should be aware of these charges.

Cash Advance Fee

Withdrawal of cash from a credit card is called cash advance. Many times, in haste, instead of debit card, there is a mistake of withdrawing cash from credit card as well. Credit card companies allow users to withdraw cash from ATM machines, but interest is high. There is no benefit of interest free credit period on cash advance i.e. the interest free grace period you get after shopping is not available in it. In this way, withdrawing cash from credit card can be heavy on your pocket.

Late Payment Fee

Late payment fee is generally levied on your outstanding balance when the minimum is not paid by the due date. Banks and credit card companies usually charge late payment fees based on the outstanding amount. Higher the bill amount higher will be the late fee.

Annual Maintenance Fee

Annual Maintenance Fee is the charge that you pay to the credit card companies to maintain your account. This fee is taken once a year. This fee varies on different cards. Many card companies do not charge any annual maintenance fee on credit cards.

Cash Processing Fee

Normally a cash processing fee is charged when you make your credit card payment in cash. Banks also allow you to make payments through other modes like net banking, check payment and mobile banking without any extra charges.

Reward Redemption Fee

The purpose of awarding reward points on a credit card is to encourage the customer to use the credit card. The bank gives different facilities to redeem the credit card’s reward points. Once you have accumulated reward points, you can redeem the same as per the convenience offered by the bank. But many charge for redeeming back rewards.

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Tokenization: The rule of tokenization came into effect from today, the method of payment has changed

Pravesh Maurya — Sat, 01 Oct 2022 11:05:02 +0000

Tokenization: From the financial point of view, many rules are going to change from 1st October. A major change in this is related to tokenization , which is a new rule included in the payment system. Through this, efforts will be made to curb online fraud. According to the information, with the implementation of this rule, the personal data of the users will be completely safe.

According to the information, on making online payment through debit and credit cards from October 1, 2022, instead of giving your card details, you will have to give a token on the merchant website, point of sale (POS) or at whichever gateway you will make the payment. Due to this, the details of the users will not be able to go into the hands of any other suspicious or wrong person in any way.

RBI has decided new rule

According to the rules of RBI, after this tokenization rule, no payment aggregator, payment gateway or merchant can store any customer’s credit or debit card data with him from October 1. This means that no payment site or app will be able to store the 16-digit card number, expiry date and CVV as data with them from September 30 onwards.

Now how to make payment?

In such a situation, at whichever gateway the cardholders will pay with the card from today, instead of giving their card details there, they will have to give a token and then their payment will be done easily without giving the data. Now the question will be in your mind that how does this whole system work, then you should also know this in this news.

You can go to any e-commerce website for payment where you have to make payment.
After this, select whatever card you have to choose for the payment method.
After that fill the requested information correctly and then tap on the option ‘secure your card as per RBI guidelines option’ on the website and save it as per RBI guidelines.
In this case, OTP will come on the mobile number registered with your bank account, enter the OTP and the card details will be sent for the token. Apart from this, the token will also be sent to the merchant and he will save this token instead of the card details.
After this, if you pay again on this website, then your card will not be saved as before, but the website will have your token, which will show only four and only then you will be able to make payment easily.

It is believed that this new system will be helpful in preventing online frauds in the country because due to the data being stored on the websites, your payment details are also leaked when the data of the website is hacked, due to which you can also face huge financial loss.

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