Who would love your money more than yourself? Well, cyber fraudsters are on top of that list.
The slightest of carelessness could lead to the savings of a lifetime deposited in bank disappear in a few seconds. While most of the time we are very cautious, it still takes a petty mistake to lose the hard-earned money.
In such situations, knowing about the guidelines issued by the Reserve Bank of India (RBI) will come in handy and will let you claim your money back within 10 days.
No money for your negligence
One of the most important tips to know is that the fraudulent money from the bank is returned only when there is no negligence on your part. For example, several times fraudsters might ask you for an OTP and then withdraw money. In such a situation, the bank will not return your money. Also, if you come under someone’s pretext or deception and share the PIN of your debit card, the bank is not obliged to return any money to you.
Three things you need to know
1: For complaint made within 3 days
If money is withdrawn from your bank account due to negligence of any kind of the banking system, register a complaint with the bank within three days. Keep in mind that these three days have to be working days. If a Sunday or holiday falls, it will not be included in that. If you file a complaint within three days, the bank will return the full money within 10 days. However, this is a shadow credit, which can take up to 90 days to be credited to the account.
2- For complaint made within 4-7 days
The RBI directs that if a bank account fraud is registered after three days and a complaint is made within four to seven days, then the customer may incur a loss of up to Rs 25,000. Though you will get your money back, but there are certain conditions applied. Full information for the same will be available with your bank.
3 – For complaint made after 7 days
If you register a fraud complaint after seven days of your money being withdrawn through fraud, then the money is returned to the customer only after a board meeting set up for fraud in the bank and its decision. But what is important to know is that the maximum liability of the bank in such cases is only Rs 10,000 – even if the fraud runs in lakhs. A police complaint in case of a cybercrime is also necessary for this.
Bank not liable if you are at fault
1. OTP has been shared by the user himself: Purshottam Sharma, chief manager of Union Bank of India, said that the bank would have no responsibility if a customer conveyed the OTP, CVV or debit card number to someone and the money is taken out. In such cases even if you are cheated of millions of rupees, the bank will not refund you anything.
2. Fraud committed using loan or bank related documents: Theuse of Aadhaar card, address proof, PAN card and photo details is common for taking up a loan or LIC or car insurance or other works. But signing on documents casually and not reading them might land you in trouble. If someone commits fraudulent activities using your data, the bank will not be held responsible. Therefore, be cautious when you sign a document and always mention for what purpose it is for.
Keep these things in mind-
· Update your phone banking passwords and keep your phone number updated if you use a credit, debit card for transactions.
· If phone banking is not updated, the user can face issues in getting returns due to fraud.
· Do not share the details of the OTP number of your card. In case of any fraud, complain to the bank within 3 days.
· Always withdraw money from the ATM booth in the bank ensuring that there is proper security.