Debit

Meaning:

A debit is defined as an amount of money taken out or deducted from a bank account. It is recorded whenever a transaction occurs that reduces the balance, such as

making a purchase, withdrawing cash, or settling a bill.

Example:

For instance, if a person withdraws ₹5,000 from an ATM, that transaction is recorded as a debit from their account.

How to understand debit:

The concept of debits is crucial for tracking the outflow of funds, enabling individuals to manage their financial resources effectively. Debits reflect the actual movement of money, ensuring an accurate account balance by reducing the total available funds.

Importance of Debit:

Debits help maintain financial discipline, as individuals can only spend what is available in  their accounts.  They provide transparency in financial transactions, clearly indicating where and how funds  are utilized.  Tracking debits is essential for preventing overspending, especially when using debit cards  instead of credit.

How to Check Your Debit Transactions:

Bank Statement: Download your monthly or weekly bank statement from your bank app or  website, where all debits will be shown as DR, Debit, or (-) amounts. 

Mobile Banking App: Open your bank’s mobile app and go to Account Summary or  Transactions to see every debit entry with date, amount, and purpose. 

SMS Alerts: Banks send SMS notifications for every withdrawal or expenditure, helping you track debits instantly. 

Internet Banking: Log in to your bank’s net banking portal to check your transaction history for detailed debit information. 

ATM Mini Statement: Visit any ATM and select Mini Statement to view the last few transactions, including debits. 

Passbook Update (Offline): Visit your bank branch and update your physical passbook, where  all debits will be printed with dates and amounts.

UPI/Wallet Transaction History: Apps like Google Pay, PhonePe, and Paytm show your debit  history for payments made through them.