Automated Teller Machines (ATMs) have been a popular method for taking cash out, making deposits and transferring funds. ATM cards are the primary way in gaining access to these facilities.
But, like every digital device ATM cards will require regular maintenance and care to keep them in good order.
This is the reason the Annual Maintenance Contracts (AMCs) are a must. In this post, we’ll explain everything you need to be aware of regarding ATM card AMCs.
What is an ATM Card AMC?
An ATM card AMC can be described as an annual maintenance agreement that covers the maintenance and care of the ATM card.
This covers everything from replacing lost or damaged cards to updating your PINs as well as offering support and customer service.
ATM Card AMCs are usually provided by banks as well as financial institutions which provide ATM cards to their customers.
What does an ATM Card AMC cover?
AMC coverage for ATM Card AMC differs based on the financial institution that offers the contract.
But, generally speaking, AMCs provide the following coverage:
⇒ Card replacement: When your ATM card gets stolen, lost, or damaged, the AMC will pay for the cost of replacement.
⇒ PIN Update: If you have forgotten your PIN, or you want to change it due to security reasons AMC will assist you.
⇒ Customer service and support: AMC provides customer service and support that will assist you with any issues or queries you might have regarding using your ATM card.
⇒ Protection against fraud: A lot of ATM Card AMCs provide protection against fraud that protects your account from fraudulent transactions.
⇒ Transaction disputes: If you have doubts about your ATM transactions AMC can help you settle these disputes.
⇒ Annual fees: A few ATM Card AMCs pay the annual charges related to owning the ATM card.
What are the benefits of ATM card AMC –
⇒ You can rest assured: When you sign up to receive the ATM Card AMC You can be at ease knowing that your card will be kept up-to-date and maintained regularly.
⇒ Convenience: If your card gets damaged or lost, AMC will issue a new one quickly and conveniently.
⇒ Cost-effective: In the long term An ATM Card AMC can be cheaper than paying for services that are individual, such as card replacements or PIN updates.
⇒ Fraud protection: With fraud protection, you’ll be able to feel safe in the knowledge that your bank account will be secured against any fraudulent transactions.
⇒ Customer service: With the help of customer support and service you can seek assistance with any issue or question you may have concerning the use of your ATM card.
How much does an ATM Card AMC cost?
The price associated with AMCs for ATM Card AMC differs based on the financial institution or bank providing the contract.
Certain banks might provide AMCs for free, but others might charge a fee. The cost can vary between a few hundred and several thousand rupees each year.
What is the charge for an AMC debit card in SBI?
The charge for AMC (Annual Maintenance Charge) of an SBI (State Bank of India) debit card varies depending on the type of debit card and account you have. Here are some of the common charges for SBI debit card AMC:
» Basic Savings Bank Deposit Account: No AMC charges are applicable for this account.
» Small Accounts: No AMC charges are applicable for this account.
» Regular Savings Accounts: For RuPay Classic Debit Card, no AMC charges are applicable for the first year. From the second year onwards, a charge of Rs. 125 + GST is applicable.
» Other Savings Accounts: For RuPay Classic Debit Card, no AMC charges are applicable for the first year. From the second year onwards, a charge of Rs. 125 + GST is applicable. For other debit cards like MasterCard/VISA, the AMC charges are higher and may vary based on the type of card.
It’s important to note that the above charges are subject to change, and it’s always advisable to check with SBI for the latest charges before applying for a debit card or renewing the AMC.
Why are 147 Rupees Deducted From My SBI Account?
Don’t be worried if you’re receiving an email regarding an amount of Rs 147.50 deducted from the State Bank of India (SBI) account but not making transactions in the past.
Account holders need to be aware that the bank is making this deduction as part of the annual maintenance or service fee for the debit and ATM cards they use.
The bank is charged Rs 125 as a maintenance fee per year as well as an additional GST rate of 18 percent on a variety of debit cards its customers use.
18 percent of 125 Rs amounts to 22.5 and, therefore, SBI removed the amount of 147.5 from the accounts that its clients.
Conclusion
ATM cards are practical and necessary tools to access financial services. But, just like every other electronic device, they need upkeep and maintenance to ensure they are in good order.
An ATM Card AMC offers maintenance and upkeep and provides peace of mind, security, and cost-effectiveness, as well as fraud protection as well as customer service.
If you sign up for An ATM Card AMC you will be able to ensure that the card you use to pay for ATM is at its best and is ready for use.
Other Links:-
