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Explore POS limit in debit cards for zero-fee banking and spending

19 Oct 2024 by Team FinFIRST
what is pos limit
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Understanding the significance of your Point of Sale (POS) limit means enhancing your banking journey. By acknowledging the vital role played by your POS limit, you can empower seamless transactions and ensure streamlined financial management, making your everyday banking more efficient and hassle-free.

Read on to learn how to adjust your POS limit and fully utilise features like zero-fee banking.

READ MORE

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What is a POS limit?

POS limit is the maximum amount you can spend using your debit or credit card in a single day at a merchant's terminal.

POS limits for IDFC FIRST Bank Savings Account
 

As an IDFC FIRST Bank Savings Account holder, your POS and withdrawal limits are designed to suit your banking habits. The Savings Account variant with ₹10,000 AMB (Average Monthly Balance) comes with a ₹4 lakh daily POS limit, and the Savings Account variant with ₹25,000 AMB comes with a ₹6 lakh daily POS limit.

Managing daily spending with POS limits
 

As an IDFC FIRST Bank Savings Account holder, you can manage your daily spending by understanding your POS limit. Here are different ways to manage your POS limit -                   

  • Online banking platform -

    • Log in to IDFC FIRST Bank online banking portal to check and adjust your POS limit as needed.

  • Mobile app -

    • Use the IDFC FIRST Bank mobile app for quick and easy access to your POS limit settings, allowing you to make changes on the go.

  • Branch visit -

    • Visit your nearest IDFC FIRST Bank branch for in-person support to review and adjust your POS limit.

Steps to adjust POS limit with IDFC FIRST Bank
 

To check and adjust your POS limit, follow these steps -

  1. Login to your net banking account
  2. Under ‘Accounts & Deposits’, go to ‘Manage Debit Card’
  3. Click on Manage to change your POS limits
  4. Click on confirm and authenticate with an OTP and verify

Managing POS limits for smart financial planning
 

To effectively use and manage POS limits for better financial planning, consider the following tips -

  • Set appropriate limits-

    • Adjust your POS limit to match your spending habits, keeping it within a reasonable range to avoid overspending.

  • Regular monitoring-

    • Frequently check your POS transactions to track expenses and identify any unusual activity.

  • Use multiple accounts-

    • If possible, distribute your spending across multiple accounts or cards to effectively manage cash flow and budgeting.

  • Leverage online tools -

    • IDFC FIRST Bank offers online banking and a mobile app to easily monitor and adjust your POS limits as needed.

  • Plan for emergencies -

    • Keep a slightly higher POS limit for emergencies, but ensure it's not too high to prevent potential misuse.

Conclusion
 

Understanding what a POS limit means is crucial for effective financial planning and secure bank transactions. By managing your POS limit in debit cards, you can control spending and prevent fraud. Regularly review and adjust your limits to align with your financial goals, ensuring security and flexibility in your daily spending.

With IDFC FIRST Bank, enjoy zero-fee banking on saving account services such as debit card issuance, ATM transactions, DD at branches, etc. Plus, get higher interest rates, monthly interest credits, and seamless account aggregation with an IDFC FIRST Bank Savings Account – apply now!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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