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What is Debit card? And What are the Debit Card requirements?

 What is Debit card? Debit card is a card issued by a financial institution. This card is issued to the recipient who has an account with the institution. The amount deposited in the account is the value of the card. If the carrier uses the card to purchase goods or services without paying the cash price, the price is automatically paid from the money deposited in the account.

 As long as there are funds in the account, the carrier can use this card. In this, there is no opportunity to provide loan to the customer from the organization. The institution charges a certain amount from the card carrier in return for the said service. This is called service charge.  

What is Debit card? And What are the Debit Card requirements?

What are the Debit Card requirements?

Debit card is very important for risk free and easy transactions. Through which the necessity of using this card is understood. Some important points are highlighted below:

 1. Security of money: By using this card as a medium for transactions, money can be saved from loss, theft and robbery etc.

 2. Easy exchange medium After purchasing goods or services using this card, the exchange can be paid very easily. Through this paper money can be saved from calculation and calculation.

3. Gain mental peace: Since the chances of money theft, robbery and other dishonesty are less by using this card, you can get rid of mental anxiety by using this card.

 Q: Is it permissible to use Debit card?

 Answer: Yes, it is permissible if it is not used in any impermissible mu'amala.

 Source: Fatawa Usmani: 3/354.

Debit Card Opening Rules

Debit cards are a popular payment method that many people use to make purchases and withdraw cash from ATMs. The rules for opening a debit card account may vary depending on the bank or financial institution that issues the card. However, some general rules that are required for opening a debit card are as follows:

  1. Age Requirement: In most countries, you must be at least 18 years of age to open a debit card account in your name. Some banks may allow minors to open an account with a parent or guardian as a joint account holder.

  2. Identification: You must provide proof of your identity, such as a valid government-issued ID, passport or driver's license. You may also need to provide proof of your address, such as a utility bill or bank statement.

  3. Bank Account: You must have a bank account with the financial institution that issued the debit card. This is where your funds will be kept and where you can deposit money and withdraw money when needed.

  4. Application Process: You have to fill an application form and provide required documentation. Some banks may require you to visit a branch in person to complete the application process. And some banks will let you apply online or over the phone.

  5. Credit Check: Unlike credit cards, debit cards do not involve a credit check, as they are linked to your bank account and only allow you to spend funds available in your account.

In general, if you follow the rules mentioned above to open a debit card, you can open a debit card account very easily.

How much is the debit card annual fee? 

 The debit card provided by the bank has an annual fee, but the amount of this fee cannot be said in one word, because its amount is more or less depending on the bank. For example, I use the debit card provided by Dutch Bangla Bank, they charge me an annual fee. As 460 taka is deducted. You can know the amount from the bank in which you have an account.

Debit Card Benefits

 There are many advantages of debit card including withdrawing money for buying and selling through debit card, there are many more advantages in it, let's know them all one by one.

 being thrifty

 By using a debit card you can avoid overspending and limit yourself to essential spending. Because with debit card you can only spend as much as is deposited in your account. You cannot spend more than that. As a result, you will have a spending limit through which you can avoid waste.

Protection of money

 Your entire money inside the debit card will be protected and no one can steal your money. But if you give your pin number to someone then it is different. So by using a debit card you can keep your earned money in full custody.

 No charge fee

 No charge fee will be charged from you if you use debit card. You don't have to pay any extra fees when you withdraw money or make purchases with this debit card. An amount that will be deducted from you annually will not exceed $5 to $8.

Being interest free

 By using a debit card you can stay completely interest free. Because the debit card is on the card and the money is completely yours, you don't have to pay anyone interest on your own money. As a result all your transactions will be interest free.

 Withdrawal facility

 If you live in a place where banks are far away then only you can withdraw money using this debit card from ATM. And ATM booths are available in every city. So by using a debit card you get an easy way to withdraw money.

 Convenience in carrying

 You won't have any risk of theft or loss when you go to the market carrying a lot of cash using a David card. Because there is an amount in the debit card than the amount of money is in the bank. Even if the debit card is lost for some reason, no thief can steal even a single rupee from the debit card.

 Dear friend, we have come to know many benefits of debit card. If you like these benefits, you can open a debit card and use it.

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