Bank Account Safety: If money is automatically deducted from the account, do this immediately, you have to return the entire amount to the bank.

Banking Fraud Refund Procedure: In this era of digital banking, cases of bank account fraud are constantly coming up. Recently, a very shocking incident has come to light from a branch of Punjab National Bank i.e. PNB in ​​Greater Noida. Apart from customers’ accounts, crores of rupees disappeared from fixed deposits i.e. FDs without any information or message alert. If money is deducted from your bank account without your consent, there is no need to panic. Under the Reserve Bank of India i.e. RBI regulations, customers are guaranteed a full refund with security in such cases. You just have to take the right step at the right time.

Take these three steps as soon as the money is deducted from your account

If money is suddenly stolen from your account, first inform your bank. File a fraud complaint immediately through the bank’s official customer service number, mobile app or website. Also, ask the bank to immediately freeze your account or block the debit, so that no more money is deducted from the account. Another important function is the handling of evidence. Keep a safe record of the reference number, transaction SMS or email alert, bank statement and screenshots received after lodging a complaint. The third step is the cyber helpline. Report financial fraud immediately on the National Cybercrime Helpline number 1930 or register your complaint on the cybercrime.gov.in portal. If the call is not received at 1930 then inform the bank first without wasting time.

Who will be responsible, know RBI’s refund rules

According to RBI rules, the liability of a customer in a fraud case depends on how quickly he files a complaint. If the fraud is due to the bank’s negligence or system malfunction, as in the recent case of PNB, it is due to the bank’s internal irregularities, this will not consider any fault of the customer. In such case, whenever a complaint is lodged, the liability of the customer shall be nil. However, if the fraud is due to a third-party error, which is not the fault of the bank or the customer, the customer will not be liable. The only condition is that the customer has to inform the bank within 3 working days of receiving the alert. In such a case, the entire amount has to be returned to the bank.

What happens if there is a delay in filing a complaint or issuing an OTP?

If the customer complains within 4 to 7 working days of the fraud, his liability is limited. In such cases, the customer will be liable to a maximum of Rs. 5,000 to Rs. 25,000 will be incurred as a loss. If the complaint is made after 7 working days, the liability of the customer is determined as per the policy approved by the bank’s board. But if the loss is due to the customer’s own negligence, like sharing the OTP, PIN or password with someone, then the customer has to bear the full loss until a complaint is lodged. However, if there is any additional loss after lodging a complaint with the bank, the bank will compensate the same.

In how many days will the money deducted from the account be returned?

RBI rules are also very clear regarding the timing of refund. In cases with zero or limited liability, the bank is required to temporarily credit the customer’s account within 10 working days of receiving the complaint. This amount will be considered applicable from the date on which the money was deducted from the account. Apart from this, in case of fraud in savings or debit card account, the bank also has to ensure that the customer does not suffer any loss of interest. The bank has to complete its investigation and finalize the complaint within a maximum of 90 days. If the bank is not able to resolve the matter within 90 days then it has to pay full compensation to the customer.