Account holders to get refund within 10 days of online fraud!

Guidelines laid down by RBI

Mumbai – In view of rising online frauds, the Reserve Bank of India has laid down the guidelines to compensate the victims.

First thing to do to receive the refund

Reserve Bank has asked the account holders to immediately inform their concerned banks in the event of fraud. This will either help to cease the ongoing fraud or block the fraud completely.

How will you get the refund for fraudulent transactions?

Banks secure their account holders’ money with insurance, keeping potential fraud in mind. In an event of fraud, banks inform their respective insurance companies after receiving account holder’s complaint. The insurance company then compensates the bank which in turn compensates the account holder.

Raise a complaint within 3 days of fraud!

It is mandatory to raise a grievance with bank within 3 days of online fraud. This will ensure 100% refund within 10 days as per the RBI guidelines. RBI says, if a customer files complaint after 4-7 days of fraud, then he/she might have to bear the loss up to Rs. 25,000.

Personal insurance can be availed!

Account holders can insure their accounts with personal insurance just as banks insure their accounts. Insurance companies do provide personal insurance. Such an insurance guarantees 100% refund in case of fraud.