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The unauthorized electronic transaction or fraudulent
deduction of money from our bank account or credit card can be thwarted if we keep pin number of
Debit Cards, Credit Cards and passwords of Phone banking, Internet Banking
services safe. Besides this, it is also necessary to keep safe custody of the
mobile phone which is linked with banking services.
Zero liability of a
customer
If customer loses money due to the deficiency in the
system or the due to negligence on the part of the bank and the customer
notifies the bank regarding the unauthorized electronic deduction within three days of getting
notification from the bank, then there would be no liability on the customer.
Limited Liability of a customer
In case the customer loses money due to the sharing of otp or cvv or the payment credentials with the third party, then the customer has to bear the entire loss until he/she reports the unauthorized transaction to the bank. Any loss occurring after the reporting of such loss would be borne by the bank.
In cases where the responsibility for the unauthorized
electronic banking transaction lies neither with the bank nor with the
customer, but lies elsewhere in the system and the customer notifies the bank
within four to seven working days of
receiving a communication of such transaction, the per transaction liability of
a customer will be limited to the transaction value or the amount mentioned in
the table given below, whichever is lower:-
For BSBD (Basic Savings Bank Deposit) Account, the maximum liability of the customer is Rs.5,000/-. Whereas
for all other savings account, pre-paid payment instruments and Gift Cards,
Credit Cards with limit up to Rs.5 Lakh, the maximum liability of the customer
is Rs.10,000/- and for all other Current/Cash Credit/Overdraft Accounts, the maximum liability of the
customer is Rs.25,000/-
It is pertinent to note that if the delay in reporting
is beyond seven working days, the
customer liability will be determined as per the bank’s Board approved policy
(decision with respect to the refund will be the discretion of the bank as per
their policy)
Timeline for refund
The bank has to make refund of the amount which has
been deducted unauthorized manner within 10 working days of the receiving notification
from the customer.
Mobile Phone and Email as
a means of receiving communication from bank
One has to keep the banking services linked with
recent phone number and email so that unauthorized deduction from the bank
account or credit cards gets intimated through the mobile number and e-mail.
After all, informing the bank about the unauthorized deduction of money at the
earliest increases the probability of refund from the bank.
Therefore, in order to get refund of the amount which
has been deducted due to the unauthorized electronic transaction or fraudulent deduction
of money from the bank account or credit card, the affected customer has to
immediately report to the bank about the unauthorized or fraudulent electronic
transaction.
Great, Thank you sir 🙏
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