Looking after your Debit Card
Following these simple guidelines will ensure that using your Debit Card from KVB is a pleasant experience:
- Treat your Debit Card in the same way you treat cash. Keep it with you at all times and never leave it unattended.
- Your Debit Card is for your exclusive use only. It should never be surrendered to anyone other than a designated bank officer at KVB branch and that too only after cutting it into several pieces.
- Never reveal or surrender your Personal Identification Number (PIN) to anyone. Do not write the debit card PIN on the Debit Card and never keep a written copy of it in close proximity to your Debit Card. It is also recommended that you change the PIN to a number of your choice as soon as possible and at regular intervals.
- If your Card is lost / stolen, or if you suspect that your Card has been used fraudulently, call KVB’s 24 X 7 Helpline no. 1860 200 1916 (local call charges applicable) in India immediately to report the loss and Hotlist / Block the debit card through the various modes available for Hotlisting. (Name as Debit card Hotlist/Block: and redirect to the URL: http://www.kvb.co.in/personal/debit_card_hotlisting.html)
- In case you need your Card to be re-issued or terminated, please send in your request in writing to the KVB branch where you have your account. A replacement Card shall be provided to you at applicable tariffs. Upon Card expiry or closure of your account, please cut your Debit Card into several pieces.
- Always ensure that the Debit Card is used in your presence when transacting at merchant establishments. Never sign an incomplete sales slip.
- Do not attempt to use your Debit Card at merchant establishments that do not possess electronic Point-of-Sale swipe terminals.
- Do not attempt to use your Debit Card for making purchases via telephone / mail, on the Internet or in any other ‘card not present’ situation.
- Please promptly notify in writing to the KVB branch where you have your account, for any changes in your telephone numbers or mailing address or E-mail ID.
Using your Debit Card abroad
All expenses incurred overseas must be strictly in accordance with the Exchange Control Regulations of the Reserve Bank of India (RBI). Please note that the aggregate expenses you incur overseas (i.e. through cash / traveler’s cheque / your bank account / debit card / credit) should not exceed the limit set by the RBI, as prevailing from time to time.
Foreign Exchange Entitlement (as per RBI regulations on 5.11.2003).
Basic Travel Quota (BTQ)
Resident Indians are allowed a BTQ entitlement not exceeding USD 5,000 or its equivalent per person in one calendar year for one or more private visits to any country (except Nepal or Bhutan).
Business Travel and Entertainment Allowance
Exchange not exceeding USD 25,000 per trip, irrespective of the period of stay, for business purposes or for participating in conferences or seminars.
- To be in compliance with the Exchange Control Regulations, you are also required to have your passport endorsed by an Authorized Dealer when you avail of foreign exchange under the BTQ. If you wish, you can select KVB to be your Authorized Dealer.
- Please note that your account statement reflects both domestic and International Debit Card Transactions.
- To track your overseas spends, in order to ensure that they are within the permissible RBI limits, you will have to convert the equivalent Rupee amount shown on your statement for each overseas transaction to USD using the day’s telegraphic transfer selling rate which can be obtained from your Authorized Dealer.
- All transactions (domestic and international) incurred by your additional Cardholders will also be reflected on your account statement. Additional Cardholders are also required to have their passport endorsed for the foreign exchange they have availed of under the BTQ and must ensure that the expenses they incur overseas are strictly in accordance with the Exchange Control Regulations of the RBI.
- In case the Debit Card is used for both business and personal expenses, the two must be tracked separately to ensure that you comply with both the Basic Travel Quota and Basic Travel Allowance permissible limits.
- Any violation of the Exchange Control Regulations arising out of the utilization of this Debit Card is the responsibility of the individual cardholder (primary / additional) and he / she will be liable for action under the provisions of the Foreign Exchange Management Act (FEMA) 1999 and any other regulations in force from time to time. Please also note that the onus of ensuring compliance with the regulations is with the holder of the internationally valid Debit Card.