RuPay Card: Details, Credit, Debit and Prepaid Cards, Benefits

Rupay CARD

RuPay Card: Online payments are the new fastest and easiest way to transfer funds and make other payments. Debit and credit cards have made our life infinitely smoother- in comparison to the days where a visit to the bank was necessary to withdraw some funds.

Now there are ATMs at every corner of the street even in village areas. Not only have these cards alleviated the need to carry around huge wads of cash, but they have also helped with keeping a better track of your funds and helping with the problem of corruption by having a better account of the transfer of funds.

These cards have not only made our lives easier but also made it more interesting. It’s a small rectangular piece of plastic with all the luxuries in the world- food, entertainment and shopping luxuries.

A lot of types have come up in the financial market now- with the foreign cards taking a higher bid than our Indian cards. For this reason, I think we should all be aware of one of the most popular Indian cards used by the population- the Rupay card.

This article highlights details of the Rupar debit and prepaid cards, the banks which issue this card and a little about the company.

Rupay card scheme

Our country has always been dependant on foreign financial services like Visa and Mastercard for the use of debit cards. Thus it has always been a goal to have a financial medium created by the Indian Government to improve the economic status of the country.

Out of this vision, was born the RuPay scheme in 2012 by the National Payments Corporation of India (NPCI).

Not only does this company function within the country, but to gain international recognition, it has tied up with the Discover Financial Services.

The type of cards branded by Rupay

The most widely used cards in India which are branded by RuPay are:

  1. Debit cards
  2. Credit cards
  3. Combo cards
  4. Prepaid cards

Debit cards

Debit cards are financial cards linked to your bank account. You can make transactions using this card, thereby deducting or crediting amount to your bank account directly.

There are many types of Rupay debit cards, depending on the type of account you own:

Rupay Platinum card

  1. On receiving your card, you get a Croma voucher worth Rs 500 or a discount worth 15% off your total bill
  2. You get free access to airport lounges twice quarterly all over the country
  3. A cashback on utility bill payments made using this card (Rs 50 per month)
  4. Permanent total disability cover and personal Insurance cover worth Rs 2 lakhs
  5. Exclusive offers on shopping, entertainment and food
  6. 24/7 concierge services for all kinds of doubts

Rupay classic card

  1. Personal accident Insurance cover and permanent disability cover worth Rs 1 lakh
  2. Exclusive shopping, entertainment and food offers

Rupay PMJDY

An affordable way to provide inclusive financial services to one and all. It is a government initiative coming under the Pradhan Mantri Jan Dhan Yojna.

Provides an Insurance cover worth Rs 1 lakh to all its applicants.

Rupay PunGrain card

This is another initiative taken by the Punjab government, whos earnings go toward payment of the Arthia and grain procurement for all the farmers.

Besides ATMs, it can also be used at PunGrain mandins (for procurement of grains).

Rupay Mudra card

This is yet another initiative taken towards betterment of all the Mudra loan applicants. It comes under the Pradhan Mantri Mudra Yojana scheme. A card is issued every time an account under the scheme is opened.

It offers an Insurance coverage of up to Rs 1 lakh to all its beneficiaries.

Rupay Kissan card

An initiative taken by the Ministry of Agriculture of India for its farmers’ benefit. Provides multiple benefits in and out of the field for all its farmers who have applied.

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Credit cards

Credit card are also another financial transaction method. It is however not linked to your bank account like a Debit card.

When you make a transaction, the amount is credited to your monthly credit bill.

Like the Rupay debit card, there are many types of credit cards:

Rupay Select

  1. Gift vouchers from many brands
  2. Free access to airport lounges all over the world and nationwide
  3. Cashback for entertainment, food, utility payments from time to time
  4. 24/7 concierge services
  5. Insurance coverage worth up to Rs 10 lakh
  6. Exclusive offers in entertainment, food and shopping

Rupay Platinum

  1. Gift vouchers from many brands
  2. Cashback for many bills from time to time
  3. 24/7 concierge services
  4. Insurance coverage worth Rs 2 lakh
  5. Exclusive offers in entertainment, food and shopping

Rupay Classic Card

  1. Insurance coverage worth Rs 1 lakh
  2. Exclusive offers in entertainment, food and shopping

Prepaid cards

Prepaid cards are more or less like a debit card, just that they are not linked to your bank account. You have to fill in a certain amount of money in this card, and then you can use it exactly like a debit card.

The different types of prepaid cards are:

Gift card

These are a type of preloaded cards which are usually gifted for different occasions. These are accepted at many types of retail stores nationwide.

Payroll card

This is an alternative to debit cards for receiving salaries without the hassle of a bank account.

Student card

This student friendly card provides special benefits for all students. It allows parents to keep a track of their child’s expenses and monitor payment of fees and scholarships.

Virtual card

This has all the uses of a debit card but not in a physical form. It is very easy to open and close the account and access the funds.

Combo card

This card is a combination of credit and debit card in one. There are two bar codes on opposite sides of the card- one is to be swiped for credit and one to be swiped for debit.

Banks issuing RuPay cards

All private, public and regional rural banks and cooperative banks are offering a Rupay card on demand.

Benefits of a Rupay card over other international cards

  1. Since it is a domestic gateway of payment, lesser transaction charges are associated as compared to other cards
  2. Benefits for many sectors of society
  3. Linked to many government schemes
  4. Great security of funds
  5. Amazing offers specially tailored for the customer
  6. Better connectivity to rural areas
  7. Most categories of cards provide insurance coverage

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