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Liability Policies

Banks have various liability policies that cover a range of issues, including:

  • Customer compensation
    Some banks have policies that compensate customers for financial losses due to the bank's service deficiencies or actions.
  • Deposit insurance
    The Reserve Bank of India (RBI) insures bank depositors up to ₹5,00,000 for both principal and interest.
  • Customer liability for unauthorized transactions
    Customers are liable for losses due to unauthorized transactions if they are negligent, such as by sharing payment credentials. If the bank is not responsible, the customer's liability is limited to the transaction value or a lower amount if they notify the bank within a certain time frame.
  • Customer liability for credit cards
    Customers with credit cards that have a limit above ₹5 lakh can be liable for up to ₹25,000.
  • Customer liability for basic savings accounts
    Customers with basic savings accounts can be liable for up to ₹5,000.
Banks generally provide details of their customer liability policy when accounts are opened, and display the policy in public. Existing customers are also informed of the policy.

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