This page comprises the Policies as required for the reference of the customer. For other statutory or regulatory policies, please refer to the Regulatory Disclosures section.
Customers Liability - Unauthorized Electronic Banking Transactions
(A) The Bank will have suitable processes and robust systems to ensure safety and security of electronic banking transactions and timely detection / mitigation of fraudulent transactions. The liability of a customer in various situations is indicated below:
1. A customer will have zero liability if;
a) The fraud / negligence or deficiency is on the part of the bank (irrespective of transaction being reported by the customer or not)
b) A third party breach where the neither the bank nor the customer is responsible for the deficiency but lies in the system and the customer notifies the bank of the anomaly in the transaction within 3 days after receipt of the transaction alert from the bank.
2. The liability of the customer will be limited for a third party breach where the neither the bank nor the customer is responsible for the deficiency but lies in the system and the customer notifies the bank of the anomaly in the transaction within 4 to 7 days after receipt of the transaction alert from the bank. The liability will be as indicated in the table below:
Maximum Liability of a Customer || Type of Account || Maximum liability ()
- BSBD Accounts 5,000
- All other SB accounts
- Pre-paid Payment Instruments and Gift Cards
- Current/ Cash Credit/ Overdraft Accounts of MSMEs
- Current Accounts/ Cash Credit/ Overdraft Accounts of Individuals with annual average balance (during 365 days preceding the incidence of fraud)/ limit up to Rs.25 lakh/10,000
- All other Current/ Cash Credit/ Overdraft Accounts
- Credit cards with limit above Rs.5 lakh 25,000
3. The customer will be completely liable to bear the entire loss in cases where the loss is due to the negligence of the customer wherein he has shared the password / PIN, until the unauthorized transaction is reported to the bank.
4. The customer shall be fully liable where the date of reporting is beyond 7 days from the date of the transaction. However, the Bank, May with the approval of senior management, waive off the liability of the customer partly or fully. While considering the waiver, the Bank would take into account the overall relationship value, personal exigencies of the customer and any other reasonable grounds leading to delay in reporting.
(B) Settlement of customer liability
1. The bank shall credit the amount involved in the unauthorised electronic transaction to the customer’s account within 10 working days from the date of such notification by the customer (without waiting for settlement of insurance claim, if any).
2. The Bank may also decide to waive off any customer liability partly or fully in case of Unauthorised electronic banking transactions including cases of customer negligence with The management, on a case-to-case, may define approval at a senior level as Basis.