Do you operate an India Post Payments Bank account? Be prepared to pay annual maintenance and reissue fees for virtual debit cards
According to a press release from the IPPB, “This is to inform all concerned that an annual maintenance fee of Rs 25 (including GST) on the Virtual Debit Card (VDC) will be applicable on 15 July 2022”.
However, premium accounts (SBPRM) will be exempt from this fee.
Virtual Card IPPB
The IPPB Virtual Card is a digital debit card that can be used for e-commerce (online) transactions. The card can be used to make online purchases in India at any merchant site/online portal that accepts RuPay cards, just like a traditional plastic card. This digital debit card can be generated by customers on their mobile banking app.
How to generate virtual debit card on IPPB app?
Step 1: Download the IPPB app and login
Step 2: Click Rupay Cards, then Virtual Debit Cards
Step 3: In the next page, click on “Request virtual debit card”
The next page will display the Rupay card details
Step 4: Check the box to accept the terms and conditions and click ‘Continue’ and confirm
Step 5: Enter the OTP received on your registered mobile number
Your virtual debit card will be generated and the amount will be deducted from your account.
“Debit cards are one of the most popular instruments nowadays for cashless transactions and are already a major mode of payment adopted in India. With the growth of e-commerce business/online services in India, the “Usage of debit card on ECOM/online merchant transactions is increasing dramatically, day by day,” the IPPB states on its website.
