Banking Awareness 2017 Inwards Uncomplicated Linguistic Communication – Lesson 15

Dear Gr8 Ambitionists, inward our previous Banking Awareness 2017 Lesson 14, nosotros get got learnt virtually the Cheque together with Demand Draft. In today’s lesson, nosotros shall acquire virtually the Plastic Money. Happy Reading 🙂 
What is Plastic Money ?
Plastic coin is a term to refer the hard plastic cards we usage every twenty-four lx minutes flow inward house of actual banking concern notes. 
  • They tin come upwards inward many unlike forms such every bit cash cards, credit cards, debit cards etc. Now let’s get got a await at the types of cards.

Banking Awareness 2017 : Types of Card

There are iii types of cards : 
  1. Debit card
  2. Credit card 
  3. Prepaid card 

Debit Card  

It is too called banking concern card. Debit cards are used to take cash from an ATM, buy of goods & services at signal of sale (POS)/E-Commerce (online purchase) both domestically together with internationally. However, it tin live used exclusively for domestic fund transfer from i mortal to another.

Credit Card  

A credit menu is a payment menu issued to users (Cardholders) every bit a method of payment. It allows the cardholder to pay for goods together with services based on the holders hope to pay for them. The issuer of the menu (usually a bank) grants a line of credit to the cardholder from which the cardholder tin borrow coin for payment to a merchant or every bit a cash advance.
Important Note : 1st credit menu was issued past times “National Bank of Brooklyn inward New York inward 1946”.

Types of Credit Card : 

  • Business Credit Card : This is specialized credit cards issued inward the advert of a registered line of piece of job concern together with typically they tin exclusively live used for line of piece of job concern purpose. 
  • Secured Credit Card : This is a type of credit menu secured past times a deposit line of piece of job concern human relationship owned past times the card-holder.

Prepaid Card

A prepaid menu is a payment menu that is loaded amongst coin past times anyone. A prepaid menu looks simply similar whatsoever normal credit menu or debit card, amongst a menu number, signature strip together with companionship branding. As per RBI instructions, the maximum value tin live stored inward whatsoever prepaid menu (issued past times banks together with authorised non-bank entities) at whatsoever signal of fourth dimension is Rs. 50,000.

ATM Card

An ATM menu is whatsoever payment menu issued past times a fiscal establishment that enables a client to access an Automated Teller Machine (ATM) inward monastic say to perform transactions such every bit deposits, cash withdrawals, obtaining line of piece of job concern human relationship information, mini statement, sum transfer etc. ATM cards are known past times a diversity of names such every bit banking concern card, MAC (money access card), client card, telephone commutation menu or cash card. Most payment cards such every bit debit together with credit cards tin too component subdivision every bit ATM cards, although ATM exclusively cards are too available.
Important Note : The commencement ATM cards were issued inward 1967 together with 1969 past times respectively Barclays inward London together with Chemical Bank inward Long Island, New York. 

WLA (White Label ATM)

White label ATM doesn’t get got such Bank Logo, therefore called White Label ATMs. RBI has given license/permission to non-bank entities to opened upwards such ATMs. Any non-bank entity amongst a minimum cyberspace worth of Rs 100 crore, tin apply for white label ATM’s. FDI nether the automatic route, for white label ATM — 100%. 

  • TATA communication payment solutions express : The commencement companionship to acquire RBIs permission to opened upwards white label ATMs. They started their chain nether brandname “Indicash“.

Facilities :

  1. Any client from belonging to whatsoever bank, tin usage it. 
  2. Every calendar month five transactions are free. 
  3. Value added services similar mobile recharge, utility mouth payment etc. 
  4. Open 24 x seven together with on Holidays. 
  5. Users tin too take a maximum of Rs. 10,000 per transaction. 
BLA (Brown Label ATM)

Brown Label ATM are those automated teller machines where hardware & the lease of the ATM machine is owned past times a service provider, but cash management together with connectivity to banking network is provided past times a sponsor banking concern whose construct is used on the ATM.

Complaint of ATM transaction

  • The RBI has reduced the fourth dimension that banks bring to resolve customer’s complaints regarding ATM transactions to seven working days from 12 working days
  • Banks, which neglect to resolve complaints inside seven working days, volition get got to pay Rs. 100 per twenty-four lx minutes flow every bit compensation
  • Five gratis transactions (Financial- cash withdrawal & Non-Financial-Balance Inquiry etc) per calendar month are allowed for saving line of piece of job concern human relationship holders inward other Bank ATMs together with max 3 transactions are allowed inward half dozen tube cities (Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, New Delhi) inward other banks ATM. The client should social club a complaint amongst the menu issuing banking concern at the earliest (in illustration of failed ATM transactions where his line of piece of job concern human relationship is debited). This procedure is applicable fifty-fifty if the transaction was carried out at or then other bank’s ATM. 
  • However it must live noted that if the complaint is non lodged within thirty days of transaction, the client volition non live entitled to whatsoever compensation for the delay inward resolving his/her complaint. 

MAESTRO Card

Maestro is a multi-national debit menu services owned past times Master Card that was founded inward 1992. Maestro cards are obtained from associate banks & tin live linked to the menu holder’s electrical flow account, or they tin live prepaid cards.
Headquarter : Purchase, New York, USA.

MASTER Card

Master menu was converted from a privately held companionship to a populace companionship on 25 May, 2006. Master menu is a American Multinational Financial Services Corporation.
Headquarter : Purchase, New York, USA.

VISA Card

Visa Inc. is an American Multinational Financial Services Corporation. It facilitates electronic fund transfers throughout the world, most commonly through Visa branded credit cards together with debit cards. Headquarter : Foster city, California, USA.

Rupay

Rupay is combination of ii words — Rupee & Payment. Rupay is an Indian domestic menu system conceived and launched past times the National Payments Corporation of Republic of Republic of India (NPCI). Rupay facilitates electronic payment at all Indian banks & fiscal institutions together with competes amongst Master Card & VISA menu inward India. NPCI entered into a strategic partnership amongst Discover Financial Services (DFS) for Rupay Card, enabling the credence of Rupay Global Cards on Discover’s global payment network exterior of India.

  • Discover finance is the third largest credit menu construct inward USA . 
  • Rupay was renamed afterward Republic of Republic of India Pay scheme. 
  • Rupay menu was launched on 26 March 2012.
  • On 8 May 2014, Rupay has been dedicated to Republic of Republic of India past times president of India, Pranab Mukherjee at Rashtrapati Bhawan, New Delhi. 
  • Dombivall Nagrik Sahaltari Bank (DNSB) became commencement always scheduled urban co-operation hank inward Republic of Republic of India to innovate Rupay Debit cards to its customers. 

That’s all for directly friends. In our adjacent lesson nosotros shall acquire virtually the Currency. Happy Reading 🙂

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