Picture this - you get a message of 10,000 rupees being debited from your bank account but you never made that transaction! 🤯 In the digital age and growing cyber scams, such news are not unheard of, but luckily RBI has got our back. 🫡 RBI guidelines clearly state that there is “zero liability” of the customer incase an unauthorised transaction occurs.🙌🏼 Here is what it states - A customer’s entitlement to zero liability shall arise where the unauthorised transaction occurs in the following events: - Contributory fraud/ negligence/deficiency on the part of the bank (irrespective of whether or not the transaction is reported by the customer).🙏🏼 - Third party breach where the deficiency lies neither with the bank nor with the customer but lies elsewhere in the system, and the customer notifies the bank within three working days of receiving the communication from the bank regarding the unauthorised transaction.🌱 So simply put, if you tell the bank within three working days of the transaction happening, the ban will reverse the same. ✨ If you inform the bank after 3 days then some liability will arise from the customers end and after 15 days, bank will have no liability. 😕 So, the best course of action is to inform the bank immediately if such a transaction takes place! 🍃 Make sure you share this with your friends so that we are all better informed in the face of online frauds! 🙏🏼 . . #personalfinance #personalfinancetips #personalfinances #bankroll #investingforbeginners