osing a debit card will no longer be a reason to lose sleep over. Visa International has recently launched a Zero Liability debit card. With most banks having merged the ATM and debit cards facilities under one card, this comes as a boon to consumers. Having a debit card seemed an ideal choice for debt-averse Indians, but it did have its problems. The fact that a stolen debit card could mean loss of a substantial amount of savings was scary.

Now, the new Zero-Liability debit card holders will be protected from monetary losses arising from unauthorised usage of the card , if certain terms and conditions are met. HDFC, for instance, will put on hold, and not charge the card holder for any loss suffered (up to a limit of Rs 1 lakh) if the latter has filed a first information report or police complaint after losing the card. This, along with an indemnity letter and a photocopy of the passport (if it is an international transaction) has to be submitted to the card company within five days of filing the FIR. However, a card that has been unsigned will not be eligible for the protection clause. The disputed sale could have occurred within a maximum limit of 25 days before the loss was reported to the bank.... more