My ICICI debit card went kaput, and I had to request for a new one! There are two ways to do it...
1. You could walk into a branch and take a duplicate card, which is generic and does not have your name on it... its just a start-up kit(I assume)and they associate the card to your bank account.
2. You request for a new card either online or through the branch. In this case you get a card within 7 days after 4 days of you placing the request! and you get the pin in a separate mailer!
In both cases you are charged a fee!
Everything is great so far!
What caught my attention is that the new card that I got is valid till 2021... 10 years from now! There is no way this card can be used for the next 10 years if one is an active debit card user, and thus ICICI is all set to earn a fee from cards which become unusable after a few years!
On the other hand, my credit card, which is from Citibank comes with a 3 year validity. (I am sure there is a logic and business reasoning behind the validity of these cards, which I am not aware of and would love to know and understand) I am not a debit card user, and at most I use it for an ATM transaction once or twice (tops) in a month. My maximum use of the debit card is for online transfers, and I might actually keep this card active, alive, and intact!
Do you know if other banks also play the same game? What is the default validity of their debit cards?