When you open a savings account, you can also apply for a debit card that allows cashless transactions with merchants. Moreover, the debit card can also be used to withdraw cash from your savings account through any ATM, without having to visit the bank.
Given the use and convenience of debit cards, they are widely used by customers across the country. The card is protected by a personal identification number or PIN, a unique number that allows you to authenticate your transactions and prevent unauthorized card usage.
The debit card PIN is issued when you get the card. However, given the popularity and penetration of the internet, banks have gone digital in issuing the PINs of debit cards. Now, you can digitally generate your own debit card PIN called the Green PIN.
Read on as we discuss what a Green PIN is, how it works, its advantages among other key pointers.
Introduced in 2016 by the State Bank of India, the debit card Green PIN is a digital PIN generation for the debit card. Today, many banks allow you to generate your own debit card PIN through multiple digital channels. The PIN so generated is called the Green PIN since it minimises the use of paper and helps in preserving the environment.
After you get your debit card, you can generate the Green PIN through –
Once you generate the PIN, it becomes the PIN of your debit card that you can use for authorising cashless transactions and cash withdrawals.
The Green PIN has various advantages, both for the bank and for account holders. Here’s a look at such advantages:
The process of Green PIN generation is quite simple. You can generate the PIN through different means and the process is different in each case. So, here’s a look at the process of generating the PIN through each mode:
To generate the Green PIN through an ATM, the steps are as follows:
Banks also allow customers to send them a text message to generate their Green PINs. So, you can generate the PIN simply by sending an SMS to your bank. The process is as follows:
You can call up the IVR helpline number of your bank to generate the Green PIN. The process is as follows:
If you are a net banking customer of the bank, you can log into your account and generate the debit card PIN. The process is as follows:
Some banks also allow the missed call facility for PIN generation. To do so, the steps are as follows:
There are many differences between the Green PIN and the traditional printed PIN. Here are a few:
|Traditional printed PIN||Green PIN|
|Comes in a traditional printed letter||No printed letter is sent|
|The bank allots an initial PIN that you can also change later on||You have to create a PIN for your card. The bank does not generate any PIN|
|It takes time for the debit card to get activated||This is an instant PIN generation facility wherein you can use the card immediately|
|For a duplicate PIN you have to send a request to the bank after which another printed PIN is generated. It takes several days for the duplicate PIN to be generated||Duplicate PIN generation is instant and quick|
The introduction of the Green PIN is a step towards digitising banking services and making them more environment-friendly. It also speeds up the process of PIN issuance and activating the debit card.
While the SBI came up with the idea of Green PIN, it has now become a norm in banking services. Most banks allow you to generate your own debit card Green PIN instantly and conveniently without having to make frequent visits to the branch. So, understand the concept of Green PIN and generate yours when you get a new debit card. However, ensure you never share your debit card Green PIN with anyone to prevent misuse, just like traditional PIN.
Ans. There’s no fee associated with the generation of the Green PIN for your debit card. It is completely free of cost.
Ans. The PIN is a unique number that you create and set for debit card transactions. If you do not share the Green PIN with anyone, it would remain secure against fraudulent usage. Only you will be able to use your debit card as you will know the PIN that allows the transactions to go through.
Ans. You can check in with your bank if it offers the Green PIN facility for debit cards. Usually, most banks have started offering this facility and chances are that you will be able to avail of it. But it’s better to confirm with the bank whether the Green PIN option is available.
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Scheduled Bank – Know Its Types and FunctionsBanks play an essential role in a country’s financial ecosystem. These financial institutions ass... Read More »
What is Bancassurance: Its Services, Types, Models and ImportanceBancassurance means a partnership between a bank and an insurance company that allows the insurance... Read More »
17 Different Types of Loans and Their FeaturesLoans can be broadly categorised into secured and unsecured loans based on whether they requir... Read More »
What is Cash Reserve Ratio (CRR) in Banking and How Does it Impact the Economy?All commercial banks in India maintain a specific percentage of total bank deposits as per the guid... Read More »
Account Payee Cheque – How to Write and Encash?An Account Payee Cheque is a very secure mode of payment. It is only used to deposit money into the... Read More »
What is Merchant Banking – Its Uses and Services Provided?Large businesses and high-net-worth individuals (HNIs) have different financial requirements and th... Read More »
Payment Aggregator – Features, Types, Working, Example and RisksDigital payments have become the most preferred and used payment method. And, it has led to the ris... Read More »
What is Cheque Leaf – Purpose, Features and TypesBefore the advent of electronic payment systems, bank cheques were the most popular form of non-cas... Read More »
4 Important Factors That Affect Your Credit ScoreDid you know the lucrative interest rate on loans by banks and NBFCs are usually meant for creditwo... Read More »
What is Collateralized Debt Obligations (CDOs) and How Does it Work?Investors can buy collateralized debt obligations or CDOs and depend on the assets within them to u... Read More »
What is FCNR Account In Banking – Benefits, Eligibility and Documents RequiredFCNR, full form Foreign Currency Non-Resident Bank (B), allows NRIs (Non-resident Indians) to inves... Read More »
All information is subject to specific conditions | © 2023 Navi Technologies Ltd. All rights are reserved.