How debit card is linked to a savings account?

Posted on Tuesday, March 21st, 2023 | By IndusInd Bank

that your money can grow over time, even if you don’t add any more funds to the account. IndusInd Bank Savings Account offers an attractive interest rate on your account balance so you can enjoy high returns on your funds.

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When you open a savings account, the bank may issue a debit card that is connected to the account. A debit card is a plastic card that looks like a credit card, but it works differently. It is a payment card that is linked to your savings account, and it allows you to withdraw cash or make purchases without using cash. A debit card is a convenient way to access your funds, and it is essential to know how it is linked to your savings account.

Let’s take a look at how the debit card is linked to a savings account:

How is a debit card linked to a savings account?

When you open a savings account with a bank, you will receive a debit card. The debit card is linked to your savings account, and it allows you to access your funds easily. The bank will issue a Personal Identification Number (PIN) for your debit card, which you can use to withdraw cash from an ATM or make purchases.

Every time you use your debit card to withdraw cash or make a purchase, the transaction amount will be deducted from your savings account balance. You will receive a receipt for the transaction, and the transaction will appear on your bank statement. You can use your debit card to make purchases online, pay bills, and transfer money to other accounts.

Using a debit card is a convenient way to manage your finances because you don’t have to carry cash around. You can use your debit card to make purchases and withdraw cash from ATMs whenever you need to. You can also check your savings account balance and transaction history using online banking or a mobile app.

When you use your debit card to make a purchase, the merchant will process the transaction using a point-of-sale (POS) terminal. The POS terminal will communicate with the bank to verify that you have sufficient funds in your savings account to cover the transaction. If you don’t have enough funds, the transaction will be declined, and you will not be able to make the purchase.

Conclusion:

A savings account is a bank account that enables individuals to save money and accrue interest on their savings. People frequently opt for savings accounts when they need to set aside funds for emergencies, future expenses, or long-term objectives. Upon opening a savings account with a bank, you will be issued a debit card that is connected to your account. This card grants you easy access to your funds, enabling you to make withdrawals and transactions with ease.

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Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision.  IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.