Debit cards have been one of the most popular and widely used modes of making payments by millions of people around the word. However, in India, the market for debit cards is rather promising despite the various challenges it still faces. RuPay Debit cards have been introduced by the National Payments Commission of India (NPCI) to cater to the needs of the Indian consumers, bankers and merchants. Beside being affordable, these cards offer several other valuable benefits like flexibility, wide acceptability, customized product offering, providing electronic payment/product options to the untapped customer section while also helping protect the information related to Indian customers. Keeping all these benefits in mind, Kotak Mahindra also offers RuPay debit cards to its customers. These cards carry a host of beneficial features which can help you transact with ease like never before.
Features & Benefits of Kotak Mahindra Rupay Debit Card
- Widely Accepted Within India – Enjoy access to cash anytime and anywhere with your RuPay debit card which can be used at hundreds of RuPay enabled ATMs and merchant outlets within India. Before making a transaction (ATM or POS transaction), look for the RuPay logo.
- High Transaction Limits – One of the primary benefits of the RuPay debit card is that it provides the card holder with high transaction limits. This means that you get a daily ATM cash withdrawal limit of up to Rs 10,000.
- Personal Accident Insurance – As a RuPay debit card holder, you are entitled to complimentary Personal Accident Insurance up to the amount of Rs 1,00,000. This insurance cover includes total permanent disability and accidental death.
- Timely SMS and Email Alerts – With card related crimes on the rise, it has become very important to keep an eye on one’s card usage and transactions. For this reason, Kotak Mahindra provides you with timely alerts sent to your registered mobile number and registered email id, for any transaction which is done using your RuPay debit card.
Eligibility for RuPay debit card – Kotak Mahindra
The RuPay debit card is currently only issued to customers holding a Basic Savings Bank Deposit Account or Small Account with Kotak Mahindra.
Kotak RuPay Debit Card FAQ
- Can I use my Kotak debit card for transactions and purchases overseas?
No, the Kotak RuPay debit card can only be used at RuPay enabled ATMs and POS terminals within India.
- Can I use my Kotak RuPay debit card for making online purchases?
No, this card is not enabled to make online purchases.
- I would like to make a claim on my Personal Accident Insurance policy provided with the Kotak RuPay debit card?
To make a claim on your Personal Accident policy, you must visit your nearest Kotak Mahindra branch and proceed according to the guidelines provided by the bank representative.
- Will the insurance cover still be valid if I have lost my card multiple times?
Yes, you are eligible for the Personal Accident Cover, regardless of the card being lost or stolen.
- What is the amount up to which protection is provided under the Personal Accident Insurance policy?
This policy provides cover up to the amount of Rs 1,00,000.
- What is the age limit for availing the Personal Accident Insurance Policy?
Any individual who is between the ages of 18 years and up to 70 years can avail this policy.
- Do I get international coverage under the Personal Accident Insurance policy?
Yes, the Personal Accident Policy will be effective even if you are travelling overseas. Any claim raised will be settled in INR (Indian Rupees), on the basis of the sum insured amount, following the submission of required documentation. This policy does not include any negative countries.
- Who can I appoint as a beneficiary in the Personal Accident Insurance policy?
You are free to appoint any family member, legal heir or nominee as a beneficiary in this policy. Any person appointed as per the competent court order can also be named a beneficiary.
- In how many days can I expect the insurance claim to be settled?
Following the submission of required documents, it can take up to 10 working days for the insurance company to establish entitlement of the claim.
- Is cashless facility available with the Personal Accident Policy?
No, this policy does not provide Cashless settlement facility.
- What is the time period allowed for intimation of the claim?
In case of an accident, you must inform the insurance company about the accident within 20 days. In case the person injured is hospitalized, (in a critical condition) and is unable to file a claim within 30 days of the loss/incident, the particular claim case will be considered by the insurance company on the condition that all the terms of the of the policy are met as on the date of the los. (the day on which the accident has occurred will be treated as the ‘date of the loss’).
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.