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Kotak Mahindra Bank will no longer provide insurance on debit cards, know when it will be implemented

Jyoti — Sat, 10 May 2025 12:04:41 +0000

Kotak Mahindra Bank : The benefits available on Kotak Mahindra Bank’s debit card are going to be less than before. The bank has sent an email to its customers informing them that the insurance related service available on their debit card is now being discontinued.

The bank has informed that these facilities will not be available after July 20, 2025. However, all insurance claims made till this date will be accepted under the old rules.

What insurance facilities were available on Kotak Debit Card?

Kotak Mahindra Bank used to provide many types of insurance facilities to its debit card holders. These are the important ones among them.

1. Personal Accidental Death Cover

If the cardholder dies in a road or rail accident, then the nominee of his family or legal heir gets the insurance amount. This amount can be up to Rs 15 lakh. However, for this the cardholder has to fulfill some rules. The amount of insurance cover depends on the variant of the card.

2. Lost Baggage Insurance

If you have purchased a travel ticket using Kotak Mahindra debit card and your bag is lost during the journey, you can get an insurance cover of up to Rs 1 lakh.

3. Purchase Protection (Insurance of the purchased item)

The bank provides insurance cover of up to Rs 1.5 lakh if the items purchased using Kotak debit card are lost or damaged within 60 days.

4. Air Accident Insurance

In case of death due to an accident during air travel, a cover of up to Rs 5 lakh is available.

5. Lost Card Liability Cover

If your debit card is stolen and misused, the bank covers losses up to Rs 6 lakh.

What will happen after July 20?

The bank has clarified that no insurance benefit will be available on the debit card after July 20, 2025. But claims made before July 20 will be valid and will be processed as per the old rules.

How to make an insurance claim?

If you have already made a claim for any insurance, you can contact the bank through email. All the information related to the claim is available on the website of Kotak Mahindra Bank to send an email. This announcement of Kotak Mahindra Bank is important for those customers who were availing insurance protection through debit card. Now customers should check their policy details thoroughly before any possible loss and make their claim before 20 July 2025.

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UPI users Big Update: Google Pay begins charging fee for bill payments via credit, debit cards

Jyoti — Fri, 21 Feb 2025 06:47:04 +0000

A large number of people in the country today are using Unified Interface Payments (UPIMany small to big money transactions are completed in a jiffy through UPI. There are many UPI apps like PhonePe, Google Pay.

Which are making your transaction facility easy. Google Pay has now started charging convenience fee on some transactions. In today’s news, we are going to give you information about this, let’s know about it…

Google Pay will charge fees for these transactions

According to a news from ET Hindi, users will now be able to pay bills like electricity and LPG through Google Pay.chargewill have to be paid. This fee will be applicable on transactions made through debit and credit cards. Which will be 0.5% to 1% of the transaction value along with goods and services tax.

Fees levied for making payments through this payment method

According to a report by ET, ET reviewed a transaction done through Google Pay. In which it was revealed that the customer had paid the electricity bill through credit card on Google Pay. For which the customer was charged Rs 15 in the name of convenience fee. This fee is being labeled by Google Pay as a transaction done through debit and credit card. The customer is also required to pay GST in this transaction.

Charges are also levied on mobile recharge

Some services like mobile recharge through Google Pay attract convenience fee. It varies according to the amount of recharge.

No charges are deducted for recharge of less than Rs 100.
A convenience fee of Rs 1 is charged on recharges up to Rs 101-200.
There is a charge of Rs 2 on recharge of Rs 201-300.
A convenience fee of Rs 3 is charged on recharges of Rs 301 or more.

ICICI Bank issues new airport lounge access rules for 19 debit cards, will be applicable from October 1, 2024

Jyoti — Sat, 07 Sep 2024 10:59:52 +0000

With many credit and debit cards, you can use the airport lounge for free during air travel. In the airport lounge, travelers get many facilities ranging from rest to food and drink.

If you use ICICI Bank debit card to avail this facility, then there is important news for you. Actually, this private bank has changed the rules of airport lounge access for some of its debit cards. These new rules will come into effect from October 1, 2024.

What are the new rules for airport lounge access?

According to ICICI Bank website, “From 01 October 2024, you can avail two complimentary airport lounge access by spending Rs 10,000 in the previous calendar quarter. Spending in the previous calendar quarter will unlock access for the next calendar quarter. You need to spend at least Rs 10,000 in the July-August-September 2024 quarter to be eligible for complimentary lounge access in the October-November-December 2024 quarter, and so on for subsequent quarters.”

Also Read: IRDAI issued master circular, know what are your rights as a policyholder

New rules will be applicable on these debit cards

These updated rules for availing complimentary domestic airport lounge access will be applicable for the below mentioned cards

ICICI Bank Coral PayWave Debit Card
ICICI Bank Expression Business Mastercard Debit Card
ICICI Bank RuPay Coral Debit Card
ICICI Bank Expression Mastercard Debit Card
ICICI Bank Coral Business Mastercard
ICICI Bank Expression PayWave Debit Card
ICICI Bank Coral Business Debit Card
ICICI Bank Expression Business Debit Card
ICICI Bank Coral MasterCard
ICICI Bank PayWave Expression Debit Card
ICICI Bank Coral PayWave Business Debit Card
ICICI Bank Expression Coral Business Mastercard Debit Card
ICICI Bank Coral Chip Debit Card
ICICI Bank Expression Coral Mastercard Debit Card
ICICI Bank Rubix Debit Card
ICICI Bank Expression Business Coral Debit Card
ICICI Bank Rupay Rubix Debit Card
ICICI Bank Expression Coral Debit Card
ICICI Bank Rubix Mastercard Debit Card

How to avail complimentary airport lounges in India?

According to ICICI Bank’s website, “Eligible cardholders will be required to present their valid, un-expired card and valid air ticket or boarding pass at the lounge entrance on the same day or the next day to gain entry. An authorisation fee of Rs 2 will be charged for each eligible card presented at the lounge entrance. Please note that free access is generally restricted to the cardholder and any accompanying guests may be charged. This program is provided by a third party and is governed by the terms and conditions of such third party.”

RBI Latest Circular: RBI is going to change the rules of Credit and Debit cards – Details Here

Pravesh Maurya — Thu, 06 Jul 2023 06:28:14 +0000

RBI Latest Circular Reserve Bank of India may soon change the rules of credit card and debit. The bank has also sought opinion from the general public for this change. Banks are about to decide on the credit network. For this, the bank has also issued a circular. Let us know which rules the bank is going to change?

The Reserve Bank of India has changed the credit card and debit rules on Wednesday that the Reserve Bank of India has changed the credit card and debit rules on Wednesday. The bank has given this information through a circular. Debit, prepaid card rules can also be changed after the decisions taken by RBI. Regarding this, RBI said that any card should be allowed to be used not for any particular network but for all networks.

RBI issued circular

RBI has issued a circular. In this circular, the bank said that credit card, debit card, prepaid card should be used for all networks. The bank has also sought public opinion for this.

Why did RBI take this decision?

You can make payments at any merchant using the card comfortably. The card network facilitates transactions between the merchant and the cardholder. The card network provides a kind of infrastructure. The card network also charges fees for this.

Talking about card network companies, the four main credit card networks are MasterCard, Visa, American Express , and Discover. Two of these are also corporate card issuers. This is Amex and Discover.

Whenever you make a payment with a card, it is decided by the card network that where the payment can be made by credit card. If you ever see the facilities of two different credit cards , then you will find that the facility which is available on one card is not available on the other card.

Not every merchant or shopkeeper is able to accept all types of card payments. You can understand this in such a way that Visa card does not work in many places and Master card does not work in some places. Because of this, the central bank is going to bring these rules regarding credit card payment.

Promotion of Rupay Card

If the rules regarding credit card or debit card will be changed, then its most positive effect will be seen on Rupay card. It is believed that the Reserve Bank of India is bringing this decision to promote Rupay card in the country. All types of facilities are available on American Visa and MasterCard . But there is no RuPay card entry in their card network.

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ATM Transaction Failed Charges: Big news! Now you have to pay this much rupees charge for ATM transaction failure

Pravesh Maurya — Sat, 01 Apr 2023 08:03:57 +0000

ATM Transaction Failed Charges: If you do not have money in your account and you use ATM repeatedly, then now you will have to pay a charge on it. Using ATM when there is no money in the account will now prove to be a loss deal for you.

This may harm you. Government bank Punjab National Bank (PNB) is going to make a rule regarding this . Now if your ATM transaction is not completed due to lack of money in your account, then you will have to pay a charge.

Charges will be levied for non-completion of ATM transaction

If your transaction is not completed while withdrawing money from ATM , then you will have to pay a charge on it. On this you will have to pay a charge of Rs 10 including GST. Punjab National Bank has informed its customers through a message that a charge of Rs 10 along with GST will be levied from May 1 for using ATMs if there is not enough money in the account.

PNB is making this preparation

Explain that the bank is in the process of revising the debit card and ATM card issuance fees and annual maintenance fees. If you pay with your ATM card or debit card while purchasing any item and there is not enough money in your account and the transaction fails, you may be charged. PNB will also levy charges on PoS and e-Comm transactions done through debit cards if the account does not have sufficient amount to make the payment.

Apart from this, if your card is lost or stolen, then you have to block it immediately. In case of loss of the card, you will be able to block it from your registered mobile number by sending an SMS. However, if you have hotlisted your card once, you will not be able to activate it again, you will have to get another card made.

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RBI Guidelines: From October 1, this option will be available while paying by card, if you want to avoid fraud, then know about it

Pravesh Maurya — Sat, 17 Sep 2022 05:00:59 +0000

The Reserve Bank of India (RBI) is tokenizing credit and debit cards to protect people doing digital transactions and online shopping from any kind of fraud. For this, laptops, desktops, smart watches or bands and Internet of Things, devices etc.

have been included in the tokenization by RBI. That is, this rule will be applicable on the payment made from all these things. Only a few days are left for tokenization. Earlier this rule was to be effective from July 1, but the RBI extended its date to September 30. If there is no change in these rules this time, then the rule of tokenization will be applicable from October 1.

Know what is tokenization

When you process a card payment anywhere, that merchant platform saves your card details such as your card number, CVV, expiry date etc. on its database for an easy and fast payment experience. This has been happening till now, but it is not a safe practice in terms of your financial security. If the data of that website / platform / merchant is hacked, then your data can also be leaked.

That is why RBI has introduced the option of card tokenization. After tokenization, a token will be generated for the transaction through the card. These tokens will allow payment to be made without disclosing customer details. After this the merchant will not be able to save your card details as you must have already generated the token for your card. Only your generated token will be given to the merchant.

Customers will get such benefit

You will get rid of entering card details while making online payment. The option of tokenization will be available to every customer for his convenience. If you choose the option of tokenization, then you will have to enter only CVV and OTP.
Customers shall have the right to register and de-register themselves for any of the services such as contactless, QR code or in-app purchases
One card can be used for multiple merchants and multiple cards can be used for one merchant.
Tokenization gives you the same payment experience as before, but it is much more secure and convenient.

How will tokenization happen?

To do debit-credit card tokenization, whenever you go shopping from your favorite website or app, you have to choose the option of tokenization. After starting the payment transaction process, you will have to provide the details of your debit or credit, in whichever mode you are making the payment. After this click on Secure your card or Save card edge by doing RBI guidelines (Save card as per RBI guidelines).

After this, here you will have to give your approval to make a token of the card. Then you will get an OTP on your registered mobile number or email, after entering it your token will be generated. Now your token is ready and after the transaction process is over, this token will be saved with the merchant instead of your card details and your data will be safe.

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