IDBI Bank today unveiled Magic Card -- a debit card with in-built credit for salary account holders in a bid to improve its CASA ratio to 24 per cent from 20 per cent as of now during the year.
"The card will work as a debit card till the account holder has balance in it but once exhausted, any further withdrawal or expenditure on the card, magic card will act similar to a credit card," IDBI Bank Chairman and Managing Director R M Malla said.
Though, only basic difference between the magic card and a typical credit card is there is no free credit period but at the same time rate of interest will be much lower and linked to bank rate.
The credit limit or overdraft limit will be either two or three times of net salary depending on the rating of the organisation.
However, the facility will be offered only to salary account holders in the bank.
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