Following the RBI's guidelines released in December 2019 monetary policy statement that urged banks to enhance safety for cardholders as well as provide them with new prepaid payment instruments (PPIs), SBI on a more recent basis has introduced a novel virtual debit card. Here we will detail key features of the card and whether or not you should apply for it.
Features of SBI Virtual Debit Card
1. If you regularly transact online i.e. do online shopping and make payments to e-retailers such as Amazon, Flipkart etc. then this 'virtual card' from SBI can be a more secure option for you, provided you have an SBI net banking account.
2. It is not a physical card and is recognized via the number it carries, the holder of such a card can make online payment at any of the merchant site that accepts Visa Cards, without actually disclosing the primary bank account or card details to the merchant.
3. For the creation of the card, the minimum transaction amount is Rs. 100 while the maximum amount you can pay via SBI virtual card is Rs. 50,000. So, it indeed works as a debit card with limit.
And if the user is not able to exhaust the entire amount of a virtual card for some transaction then the balance amount shall be there in his or her linked bank account.
4. The card can be used just once for a single transaction and comes with a validity of maximum 48 hours or till the time the transaction gets completed, whichever is earlier.
5. A customer can make online payment using virtual card through any of the net banking enabled accounts, which has transaction rights. Hence the card offers high flexibility.
6. SBI's internet banking customer can apply for 'n' number of virtual cards in a day i.e. there is no restriction on it. Further there are no issuance charges for the same.
7. These can be used for payment in Indian currency rupee only in India, Bhutan and Nepal.
How to create SBI's virtual debit card?
Any SBI internet banking customer having transaction rights can create virtual card. Here is the step-by-step procedure to generate SBI virtual debit card:
1. Go to the official SBI website. Login to your net banking account using your credentials including username and password
2. On the top bar, you need to click on the 'e-Card' option
3. Now click on the option that says "generate virtual card'
4. Here, you need to select the account from which you wish to transfer the amount to the virtual card and specify the amount- the minimum amount required to be loaded on to the card is Rs. 100 while the maximum is Rs. 50000
5. Check on the box to agree with the specified terms and condition
6. Now click on generate tab.
7. At this step, you are required to verify details including the cardholder name, account number and the card limit. If you need to make any changes you can click on 'back'.
8. After this is done, the bank will send a one-time password to your mobile number registered with the bank.
9. Enter the OTP and click on 'confirm'. After successful validation, SBI's virtual debit card details shall appear on the screen mentioning cardholders's name, virtual debit card number, limit, CVV as well as expiry date.
Now the card can be used for making online payments. Interestingly, the card will be issued by marking a lien on the underlying account and amount shall be debited only when transaction via the card is completed successfully.
SBI's virtual debit card- Should you opt for it?
As the virtual debit card of SBI provides safety to the cardholder as he or she does not have to give in his or her primary card details while making the payment, the transaction is rendered more secure against phishing attacks which have now become a common place at ATM machines. So, if you are a frequent online shopper you definitely can go for this new virtual card. But make sure, that you observe high precaution and do not reveal its details including OTP, CVV etc to anyone.