What to do if you lose your debit card

A debit card is linked to the user’s bank account. Hence, if the account holder misplaces the debit card, it is at the risk of being misused by the person who gets hold of it. Once the user concludes that the debit card has been lost, it is important to act immediately in order to protect the funds.

Intimate the bank
As soon as the user gets to know about the lost card, he should inform the bank by visiting the bank branch or accessing the bank’s mobile application or by calling the bank’s phone banking number or through internet banking. After logging into the banking portal, the user needs to report loss of card by selecting the relevant card registered in his name and issue an instruction to block the same. A confirmation notification is displayed and notified on the registered mobile number once the blocking is successful.

File an FIR
In case the user suspects a theft, it is recommended to file an FIR at the nearest police station. A copy of the FIR is given to the user once it is filed. It is important to preserve the same for future reference.


New debit card
Usually, as soon as the bank takes the request to block the debit card, it accepts the request for issue of new debit card. However, the bank may levy a charge for issuing a new card in place of the misplaced card. The new card is usually dispatched to the user within 2-3 business days.

Points to note

• Banks typically have zero liability policy to protect cardholders in case a card loss is not reported within the stipulated time.
• If the user reports about the loss within the stipulated time, the bank is legally mandated to protect the user by blocking or freezing the card.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)