iCloud+ subscription payment issue, asking to update payment details

I have added a Debit card as a payment method and it is working fine for all the other purchases e.g. App Store purchases, Apple TV subscriptions, etc. But for some reason, I am not able to renew my iCloud+ subscription and it's asking me to "Update Payment Details". I tried to add a different card, but it's giving me the same response. Since it's working fine for everything, I can't understand where the problem is. Does anyone know any solution to this?