Latest News: In view of the fast growing incidents of fraud, RBI is constantly informing the common people to avoid it.
Despite this, if the money is being stolen from the account of the people. RBI had issued a circular on its Twitter handle regarding what the customer should do in case of fraud.
According to the circular of the Reserve Bank, if there is unauthorized transaction or fraud from your bank account, then inform the bank by any means within three days. It is mandatory to give information about this to the bank.
If you do this, then you will have zero liability in this case. If the unauthorized transaction or fraud has not happened due to your fault or negligence, the bank will fully compensate for your loss.
If the bank account is basic saving then – banking deposit account means zero balance account, then your liability will be Rs.5,000. That is, if there is an unauthorized transaction of Rs.10,000 from your bank account, then you will get back only Rs.5,000 from the bank. You have to bear the loss of the remaining 5,000 rupees.
If you have a savings account – then your liability will be Rs.10,000. That is, if there is an unauthorized transaction of Rs.20,000 from your account, then you will get only Rs.10,000 back from the bank. You have to bear the loss of the remaining 10,000 rupees.
If you have a current account – there is unauthorized transaction with your current account or credit card of more than Rs.5 lakh limit, then in such cases your liability will be Rs.25,000.
That is, if there is an unauthorized transaction of Rs.50,000 from your account, then the bank will give you only Rs.25,000. You have to bear the loss of the remaining Rs.25,000.