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The maximum a customer of a Basic Savings Bank Deposit Account can be liable for is Rs 5,000.
All other Savings Bank Accounts, Pre-paid Payment Instruments and Gift Cards, Current/ Cash Credit/ Overdraft Accounts of Micro, Small and Medium Enterprises, 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. Credit cards with limit up to Rs.5 lakh, the maximum they are liable for is Rs. 10,000
For all other Current/ Cash Credit/ Overdraft Accounts and credit cards with limit above Rs.5 lakh, they can be liable up to Rs 25,000.
If the delay is for more than seven working days, the customer liability will be determined as per the Bank’s Board Policy:
- Banks should provide the details of their policy in regard to customers’ liability formulated at the time of opening the accounts.
- Banks should also display their approved policy in public domain for wider circulation.
- The existing customers must also be individually informed about the bank’s policy.