Canara Bank hikes daily card transaction limit for debit cards

Canara Bank has kept ₹25,000 daily limit constant for NFC(contactless) transactions made through Canara Bank Classic Debit Card. (MINT_PRINT)

Canara Bank has mentioned on its website that “As per RBI guidelines for enhanced security on card transactions, by default cards issued are enabled for Domestic usage at ATMs & POS only. International/online (e-commerce) usage & contactless usage functionality (in contactless cards) are disabled at the time of card issuance. Customers are facilitated with switch on/off and set limits on the card channel-wise (ATM/ POS/ E-Commerce, domestic/international, NFCcontactless), through ATM/Branch/Mobile Banking/Internet Banking/IVRS."

Canara Bank daily card transaction limit (canarabank.com)

For Platinum/ Business/Select Debit Cards, the bank has hiked the cash transaction limit from ₹50,000 to ₹1 lakh per day and for POS/ E-Commerce transactions the daily transaction limit has been hiked from ₹2 lakhs to ₹5 lakhs. Whereas, for NFC(contactless) transactions the daily transaction limit has been kept unchanged at ₹25,000.

“Cash withdrawals through Point of Sale Machines: Any number of transactions with a per-day per card limit of Rs.2000 in tier III to VI cities and Rs.1000/- in Tier I & II cities," Canara Bank has mentioned on its website.

For cardholders, Canara Bank has said on its website that “The validity of EMV chip cards shall coincide with the validity of EMV certification (present EMV certification is valid till 31st December 2028). The card is valid from the first day of the month of issue till the last day of the month of Expiry. International Debit Cards are issued with EMV compliant Chip and PIN. These cards are valid for global usage and will be issued only on specific request by the applicant, for International Usage. All Cards, both new / renewed card, issued to customers have to be EMV Chip based cards only without any exception."

“Canara Bank Debit Card provides facility to card holders for availing cash withdrawal from the Point of Sale Terminals of identified MEs. The minimum amount of withdrawal will be Rs.100/- and thereafter in multiples of Rs.100/- subject to maximum of ₹1000/- per day per debit card in Tier I & II Cities and Rs.2000/- in other centres. This facility is available to the cardholder whether he makes a purchase at the selected Member Establishment or not," said the bank on its website.

Canara Bank Debit Card Issuance Charges

The service charges mentioned above are exclusive of taxes. Applicable taxes will be collected extra, according to Canara Bank.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).