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HDFC Bank debit card user may lose benefits

img_0060HDFC Bank has decided that its debit card users who do not use their cards for shopping or online transactions at least once a month will not be able to avail of benefits such as free insurance covers. Merely using the card for cash withdrawals will not entitle the cardholder for these benefits, the bank said. The bank has also discontinued cash-back services earned by platinum debit card users on categories such as fuel, jewellery, insurance, mutual funds and government payments. The bank said in a message to its customers that effective 1 July 2014, the debit card needs to be used once every month, at stores or online, to keep the personal accident death insurance cover active. The bank’s platinum debit card has a free accidental death cover of Rs 10 lakh. The bank said: “Debit card is a convenience product and we want to influence the usage habit of customers to make them use their cards for daily purchases, instead of using cash. Regulators had reduced merchant fees on debit cards to drive electronification of payment and move away from a cash economy. This feature will help complement that.”

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