Question
Download Solution PDFHow many digits are there on a debit card?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDF- Debit card is basically an ATM card issued by banks to allow the customers to withdraw money from ATM vending machines and facilitate online banking.
- The first digit represents the Industry code and is the Major Industry Identifier (MII).
- The first six digits form the Issuer Identification Number (IIN).
- The seventh to fifteenth digits are linked to one's bank account number though they do not reveal anything about the user's account directly.
- The last digit is known as the check digit that checks and confirms the validity of the card.
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