Canara Bank hikes debit card service charges on all card variants

2 min read . Updated: 16 Jan 2023, 04:43 PM IST Vipul Das
For Canara Bank Debit Card - Standard/Classic, the daily cash withdrawal limit at ATMs is Rs. 40,000Premium
For Canara Bank Debit Card - Standard/Classic, the daily cash withdrawal limit at ATMs is Rs. 40,000

The public sector lender Canara Bank has hiked its debit card service charges on various card types. As per the official notification of the bank, the new service charges will go into effect on 13.02.2023. The bank has hiked service charges on the yearly annual fee, replacement of cards, debit card inactivity fee and charges for SMS alerts. “The service charges mentioned above are exclusive of taxes. Applicable taxes will be collected extra. The revised service charges will come into effect from 13.02.2023," said Canara Bank in a statement.

Canara Bank debit card annual fees

For classic or standard debit cards, the annual fee has hiked from ₹125 to ₹200; for platinum and business cards, it has risen from ₹250 to ₹500 and ₹300 to ₹500 respectively. Canara Bank will keep charging an Rs. 1000 annual fee for select debit cards.

Canara Bank debit card replacement fees

For classic or standard debit cards, Canara Bank has hiked debit card replacement fees from NIL to ₹150. For platinum, business and select cards, Canara Bank has hiked charges from ₹50 to ₹150.

Canara Bank debit card inactivity fee

For users of business debit cards, the bank would now only impose a card inactivity fee of ₹300 annually. There will be no charge for the other card types.

Canara Bank debit card SMS alert charges

Canara Bank will now impose SMS alert charges on actuals basis from ₹15 per quarter imposed before.

For Canara Bank Debit Card - Standard/Classic, the daily cash withdrawal limit at ATMs is Rs. 40,000, while the daily cash withdrawal limit for transactions is Rs. 1 lakh. While the daily cash withdrawal limit for Canara Bank Debit Card - Platinum/Select is Rs. 50,000 and the daily purchase transaction limit is Rs. 2 lakhs.

Canara Bank Debit Card Charges
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Canara Bank Debit Card Charges (canarabank.com)

Canara Bank has recently informed stock exchanges that “Pursuant to Regulation 29(1), 50 and other applicable provisions of SEBI (LODR) Regulations, 2015, Notice is hereby given to Stock Exchanges that the Board Meeting of the Bank is scheduled to be held on Monday, the 23rd January 2023 at its Head Office, Bengaluru, interalia, to consider and approve the Unaudited (Reviewed) Standalone and Consolidated Financial Results of the Bank for the Third Quarter / Nine Months ended 31.12.2022."

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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