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Best Debit Cards in India (2020)

Pranav Pranav Follow Jan 15, 2020 · 17 mins read · 0 comments
Best Debit Cards in India (2020)

Are you looking for the best debit cards in India to maximize your benefits? Or planning to open a new bank account and wondering which one to opt for? Well you don’t need to look further as you have stumbled upon the correct article.

After critically examining 50+ debit cards, I have compiled a list of 13 best debit cards in India for 2020. These debit cards not only provide cashback/reward points on shopping, but some of them also provide other benefits like airport lounge access, low forex markup, insurance etc. So without further ado, let’s have a look at these debit cards.

1. HDFC Bank Millennia Debit Card

HDFC Bank Millennia Debit Card
Reward Rate: 1%-5%
Annual Fee: Rs. 500
PROS

5% Cashback on shopping via PayZapp and SmartBuy
2.5% Cashback on all online spends
1% Cashback on all offline spends and Wallet reloads
4 annual complimentary domestic airport lounge access
Accidental insurance cover up to Rs. 10 Lakhs

CONS

Minimum transaction of Rs. 400 required for cashback
Low monthly maximum cashback threshold

HDFC Bank Millennia Debit Card is the newest among the bunch and provides handsome reward rate on online spends. The complimentary access to domestic airport lounges is another notable feature. This card is issued free for Classic, Preferred and Imperia customers of HDFC Bank.

  • Annual Fee: Rs. 500 + GST, waived off for Classic, Preferred and Imperia customers
  • Reward Rate:
    • 5% Cashback on shopping via PayZapp and SmartBuy
    • 2.5% Cashback on all online spends
    • 1% Cashback on all offline spends and Wallet reloads
    • Maximum cashback per month: Rs. 400
  • 4 complimentary Domestic Airport Lounge access per year using Mastercard India Lounge Program
  • Insurance cover
    • Accidental insurance cover up to Rs. 10 Lakhs
    • Air Accident Cover of Rs. 1 Crore
    • Fire & Burglary Protection of Rs 2 Lakhs
    • Checked Baggage Insurance of Rs. 2 Lakhs
  • 1% fuel surcharge waiver

2. DCB Bank Cashback Debit Card

DCB Bank Cashcack Debit Card
Reward Rate: 1.6%
Annual Fee: Nil
PROS

1.6% cashback on all online and offline transactions
No charges for debit card
Choose your own account number
Unlimited free access to all DCB Bank and Visa ATMs in India

CONS

Maximum cashback Rs. 2,000 per month
Maximum cashback Rs. 20,000 per year

DCB Bank Cashcack Debit Card is issued for free with DCB Elite Savings Account. This debit card provides a 1.6% flat cashback on all transactions (online as well as offline). You need to maintain an average quarterly balance of Rs. 25,000 to receive the cashback which is not that high.

  • Annual Fee: Nil
  • 1.6% cashback on all expenditures using DCB Platinum Debit Card
    • Includes CRED and Mutual Fund transactions
    • Minimum spend per month: Rs. 625
    • Maximum monthly cashback: Rs. 2,000
    • Maximum yearly cashback: Rs. 20,000
    • Cashback for a particular financial quarter would be credited in the first month of the subsequent quarter
  • Choose last 8 digits of 14 digit bank account number
  • Unlimited free access to all DCB Bank and Visa ATMs in India

3. Axis Bank Priority Debit Card

Axis Bank Priority Debit Card
Reward Rate: 0.1%-10%
Annual Fee: Nil
PROS

12500 reward points worth Rs. 2,500 per quarter on spending Rs. 25,000 online, 10% reward rate
1 reward point per Rs. 200 spent domestically, 0.1% reward rate
3 reward points per Rs. 200 spent internationally, 0.3% reward rate
2 complimentary domestic airport lounge access per quarter

CONS

High AQB requirement of Rs. 2 Lakhs
Low offline reward rate

Axis Banks Priority Debit Card is issued to Priority Customers of Axis Bank. This card provides a 10% reward rate on online spending which is quite awesome. Only downside is you have to maintain an average quarterly balance of Rs. 2 Lakhs to maintain the priority status with Axis Bank.

  • Annual Fee: Nil
  • 12,500 reward points worth Rs. 2,500 per quarter on spending Rs. 25,000 online, 10% reward rate
  • Reward Rate:
    • 1 reward point per Rs. 200 spent domestically, 0.1% reward rate
    • 3 reward points per Rs. 200 spent internationally, 0.3% reward rate
    • 2 complimentary domestic airport lounge access per quarter
  • Personal accident insurance cover of Rs. 10 Lakhs
  • Air accident cover of Rs. 1 Crore

4. IndusInd Bank Signature Exclusive Debit Card

IndusInd Bank Signature Exclusive Debit Card
Reward Rate: 0.35%-2%
Annual Fee: Nil
PROS

Zero Cross Currency Mark-up
6X reward points on spends above Rs. 40,000
2 complimentary domestic airport lounge access per quarter
Buy 1 Get 1 on BookMyShow

CONS

High AQB requirement of Rs. 2 Lakhs

IndusInd Bank Signature Exclusive Debit Card is a hidden gem with no forex markup. Hence it’s most suited for those who travel internationally a lot or spend a lot in foreign currency. To open the Exclusive Account with them, you need to deposit Rs. 2 Lakhs in the account.

  • Annual Fee: Nil
  • Zero Cross Currency Mark-up
  • Reward Rate:
    • 1 RP = Rs. 0.35
    • 2 RP per Rs. 200 up to monthly spends of Rs. 5,000
    • 3 RP per Rs. 200 between monthly spends of Rs. 5,001 to Rs. 10,000
    • 4 RP per Rs. 200 between monthly spends of Rs. 10,001 to Rs. 20,000
    • 5 RP per Rs. 200 between monthly spends of Rs. 20,001 to Rs. 40,000
    • 6 RP per Rs. 200 above monthly spends of Rs. 40,001
  • 2 complimentary domestic airport lounge access per quarter
  • Buy 1 Get 1 on BookMyShow

5. Citi World Debit Card

Citi World Debit Card
Reward Rate: 1.33%
Annual Fee: Nil
PROS

2 reward points per Rs. 150 spent
8 complimentary international airport lounge access
Unlimited domestic airport lounge access
Golf Privileges
Buy 1 Get 1 on BookMyShow
Travel benefits

CONS

High NRV requirement of Rs. 15 Lakhs

Citi World Debit Card comes with many lifestyle benefits which makes it really attractive. International airport lounge access and golf privileges are to name a few. If you can maintain a NRV of Rs. 15 Lakhs with a bank, Citi is the one you should go for.

  • Annual Fee: Nil
  • 2 reward points per Rs. 150 spent, 1.33% reward rate
  • 8 complimentary international airport lounge access
  • Unlimited domestic airport lounge access
  • Golf Privileges: Green fee waiver 3 times in a year
  • Buy 1 Get 1 on BookMyShow
    • Max discount Rs. 250
    • Can be availed twice in a month
  • 10% discount at Hertz + Free two-car-class upgrade
  • 15% discount at participating restaurants

6. HDFC Bank EasyShop Platinum Debit Card

HDFC Bank EasyShop Platinum Debit Card
Reward Rate: 0.5%-1%
Annual Fee: Rs. 750
PROS

1% cashback on Telecom, Utilities
0.5% cashback on Groceries, Supermarket, Restaurant, Apparels, Entertainment
2 complimentary domestic airport lounge access per quarter
Insurance cover

CONS

No rewards on some categories
Low monthly maximum cashback threshold

HDFC Bank EasyShop Platinum Debit Card is the most popular debit card from HDFC Bank. This is an allrounder card providing decent reward rate, complimentary domestic airport lounge access and insurance benefits.

  • Annual Fee: Rs. 750 + GST, waived off for Classic, Preferred and Imperia customers
  • Reward Rate
    • 1% cashback on Telecom, Utilities
    • 0.5% cashback on Groceries, Supermarket, Restaurant, Apparels, Entertainment
    • Maximum cashback per month: Rs. 750
  • 2 complimentary domestic airport lounge access per quarter
  • Insurance cover:
    • Accidental insurance cover up to Rs. 10 Lakhs
    • Air Accident Cover of Rs. 1 Crore
    • Fire & Burglary Protection of Rs 2 Lakhs
    • Checked Baggage Insurance of Rs. 2 Lakhs

7. ICICI Bank Coral Debit Card

ICICI Bank Coral Debit Card
Reward Rate: 0.5%
Annual Fee: Rs. 599
PROS

4 PAYBACK Points per Rs. 200 spent
Buy 1 Get 1 on BookMyShow, Carnival Cinemas and Inox
2 complimentary domestic airport lounge access per quarter
1% fuel surcharge waiver
Insurance coverage

CONS

Low default reward rate

ICICI Bank Coral Debit Card is known for it’s movie ticket offers. Complimentary domestic airport lounge access, fuel surcharge waiver and insurance coverage are cherries on the top.

  • Annual Fee: Rs. 599 + GST
  • 4 PAYBACK Points per Rs. 200 spent, 0.5% reward rate
  • Buy 1 Get 1 on BookMyShow, Carnival Cinemas and Inox
  • 2 complimentary domestic airport lounge access per quarter
  • 1% fuel surcharge waiver
  • Insurance coverage
    • Air Accident Insurance of Rs. 20 Lakhs
    • Personal Accident Insurance of Rs. 10 Lakhs
    • Purchase protection for goods purchased with the card for Rs. 2.5 Lakhs
  • Emergency Assistance & Fraud Protection

8. IDBI Visa Signature Debit Card

IDBI Visa Signature Debit Card
Reward Rate: 0.75%
Annual Fee: Rs. 799
PROS

3 reward point per Rs. 100 spent, 0.75% reward rate
1 complimentary domestic airport lounge access per quarter
Zero fuel surcharge
Insurance cover

CONS

Little higher annual fees

IDBI Visa Signature Debit Card, as apparent from its name, is issued on Visa Signature platform. Coupled with decent reward rate, airport lounge access and insurance cover, this debit card is a really good value proposition.

  • Annual Fee: Rs. 799 + GST
  • Reward Rate: 3 reward point per Rs. 200 spent, 0.75% reward rate
  • 1 complimentary domestic airport lounge access per quarter
  • 1% fuel surcharge waiver capped at Rs. 500 per month
  • Insurance Cover
    • Air Accident Insurance Cover: Rs. 25 Lakhs
    • Personal Accident cover: Rs. 5 Lakh
    • Loss of checked baggage: Rs. 50,000
    • Purchase protection: Rs.20,000 for 90 days
    • Fire and burglary for household contents: Rs. 50,000

9. Bank of India RuPay Platinum Debit Card

Bank of India RuPay Platinum Debit Card
Reward Rate: 0.25%-0.75%
Annual Fee: Rs. 120
PROS

Up to 3 reward point per Rs. 100 spent, 0.75% reward rate
2 complimentary domestic airport lounge access per quarter
5% cash back on utility bill payments

CONS

Low default reward rate

Bank of India RuPay Platinum Debit Card provides multi-tiered reward rate and you can select your preferred category to get accelerated rewards. This is a unique offering from Bank of India and I really liked this concept. Airport lounge access and cashback on utility bill payments are the offering from RuPay which make it quite lucrative.

  • Annual Fee: Rs. 200 + GST
  • Reward Rate:
    • 1 RP = Rs. 0.25
    • 1 RP per Rs. 100 up to monthly spends of Rs. 5,000
    • 1.5 RP per Rs. 100 between monthly spends of Rs. 5,001 to Rs. 10,000
    • 2 RP per Rs. 100 above monthly spends of Rs. 10,001
    • 3 RP on preferred category merchants, preferred category needs to be selected by user and can be changed after 6 months
    • Reward points expire after 36 months
  • 2 complimentary domestic airport lounge access per quarter
  • 5% cash back on utility bill payments, max Rs. 50 per month

10. Central Bank of India RuPay Platinum Debit Card

Central Bank of India RuPay Platinum Debit Card
Reward Rate: 0.375%
Annual Fee: Nil
PROS

1.5 reward point per Rs. 100 spent, 0.375% reward rate
2 complimentary domestic airport lounge access per quarter
5% cash back on utility bill payments
Insurance cover
Fuel surcharge waiver

CONS

Low cap for fuel surcharge waiver

Central Bank of India RuPay Platinum Debit Card comes with a decent reward rate of 0.375%. Being on Rupay Platinum platform, this card offers the domestic airport lounge access and cashback on utility bill payments. However the low cap on fuel surcharge and low insurance cover is a little disappointing.

  • Annual Fee: Nil
  • Reward Rate:
    • 1 RP = Rs. 0.25
    • 1.5 RP per Rs. 100 spent, 0.375% reward rate
  • 2 complimentary domestic airport lounge access per quarter
  • 5% cash back, up to Rs. 50 per month, on utility bill payments
  • 1% Fuel surcharge waiver capped at Rs. 75 per month
  • Insurance Cover:
    • Personal Accidental Death/Permanent Disability Insurance of Rs. 2 Lakhs
    • Personal Air Accident Coverage (Death) of Rs. 8 Lakhs

11. IDFC First Visa Signature Debit Card

IDFC First Visa Signature Debit Card
Reward Rate: 1%
Annual Fee: Nil
PROS

Rs. 250 cashback per month on BookMyShow
2 complimentary domestic airport lounge access per quarter
Upto 7% interest rate on Savings Account
1% fuel surcharge waiver

CONS

No reward points program

IDFC Bank after the merger with Capital First recently, launched the IDFC First Visa Signature Debit Card. You need to maintain an average monthly balance of Rs. 25,000 to get this card. Though there is no rewards program on this card yet, flat cashback of Rs. 250 per month will certainly delight movie buffs.

  • Annual Fee: Nil
  • Rs. 250 cashback per month on BookMyShow
  • 2 complimentary domestic airport lounge access per quarter
  • 1% fuel surcharge waiver

12. SBI Platinum Debit Card

SBI Platinum Debit Card
Reward Rate: 0.25%-0.5%
Annual Fee: Rs. 175
PROS

0.25% reward rate on all transactions except mutual funds
2X rewards on birthday
2 complimentary domestic airport lounge access per quarter

CONS

Low cap on monthly rewards
Low default reward rate

SBI Platinum Debit Card is the only card you should have from SBI. Though the default reward rates are low, two complimentary airport lounge access per quarter comes as a relief.

  • Issuance Fee: Rs. 100 + GST
  • Annual Fee: Rs. 175 + GST
  • Reward Rate:
    • 1 RP = Rs. 0.25
    • 2 RP per Rs. 200 spent, 0.25% reward rate
    • Max RP per transaction: 1000
    • 2X RP on birthday, 0.50% reward rate
    • Max bonus RP in birthday month: 200
  • 2 complimentary domestic airport lounge access per quarter

13. Yes Bank Prosperity Platinum Debit Card

Yes Bank Prosperity Platinum Debit Card
Reward Rate: 0.125%-0.5%
Annual Fee: Rs. 599
PROS

1 reward point per Rs. 200 spent, 0.125% reward rate
4X rewards on international spends, 0.5% reward rate
Rs. 100 off on BookMyShow, twice in a month
1 complimentary domestic airport lounge access per quarter

CONS

Low default reward rate

Yes Bank Prosperity Platinum Debit Card provides accelerated reward points on international spends, however this benefit is cloaked by forex markup of 3%. The default reward rate of 0.125% is underwhelming.

  • Annual Fee: Rs. 599 + GST
  • Reward Rate:
    • 1 reward point per Rs. 200 spent, 0.125% reward rate
    • 4X rewards on international spends, 0.5% reward rate
  • Rs. 100 off on BookMyShow, twice in a month
  • 1 complimentary domestic airport lounge access per quarter

Bottomline

As you can see the default reward rate and benefits on debit cards is lower than credit cards. Hence it’s wise to use a credit card rather than a debit card. However if you don’t want to use a credit card for some reason, you can always choose a debit card from the above list based on your convenience.

However while choosing a debit card, don’t just blindly look at the reward rate. You should look at the presence of the bank’s branch near your place, robust online banking facilities and customer service. Select one where you can find a balance among these.

Which debit cards from this list do you own? Do you feel any other debit card should be part of this list which I missed? Let me know by quickly commenting below.

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Pranav
Written by Pranav Follow
Hi, I am Pranav! I love to acquire, review and earn reward points/cashback from Credit Cards. Guiding people about benefits and optimal utilization of credit cards for years.
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