The final 12 banks were compared on their charges, if any, for services/facilities such as card issue, annual maintenance, PoS transactions, transactions per month at ATMs (own bank), ATM-transaction fee (beyond limit), international card-transaction fee, renewal of card, and issue of duplicate card/PIN. We gave the highest weightage (20 points) to customer feedback, which also helped in determining the most important and beneficial variables. These variables have a direct bearing on the product structure. Our questionnaire covering various features of banks’ debit cards received responses from more than 500 customers.
In India, total debit cards in circulation as on November 2017 was 731,332,595 and this grew to 805,522,146 as on August 2018, thereby registering about 109% growth. Consequent growth in rupee value was 2,492,721.70 Mn (November 2017), as against 2,759,761.00 Mn (August 2018), which is a jump of 109.67%.
- Card-issue fee
- Annual-maintenance fee
- Renewal of card fee
- Issue of duplicate PIN fee
- Duplicate-card fee
- PoS transaction charge (%)
- Free transactions per month at own bank
- Free transactions per month at other banks’ ATMs
- ATM transaction fee (beyond limit)
- International card-transaction fee (cash withdrawal)
- International card-transaction fee (balance enquiry)
- Customer feedback