Zero Liability on fraudulent Point of Sale usage on lost and stolen cards

Zero Liability on fraudulent Point of Sale usage on lost and stolen cards

  • Cardholder will receive the credit, with a hold marked for the disputed amount within 5 days of the submission of the required documents, ie,

    • FIR
    • Dispute letter
    • Indemnity letter
    • Passport copies in case of international transaction dispute
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  • Zero liability insurance is applicable for point-of sale(POS) transactions which are not authenticated using ATM PIN and not for ATM/online Debit Card/Netsafe transactions
  • The liability per card is restricted to a maximum of Rs. 4 lakh per card.(Except RuPay PMJDY Debit Card)
  • The liability per card for Platinum Debit Card is restricted to a maximum of Rs. 5 lakh per card.(This cover is applicable only for HNW/ Managed Customers)
  • The liability per card for Business Debit Card is restricted to a maximum of Rs. 5 lakh per card.
  • For Claims under Zero Liability to be accepted & processed, the cardholder should have carried out at least 1 purchase transaction using the Debit Card, within 90 days prior to the date of the disputed purchase transaction.
  • The findings of the Bank's investigation will be final and binding on the customer.
  • Cardholder cannot close the account till the hold funds for the said amount is released.
  • In case it is an unsigned card, Zero Liability will not be applicable; the cardholder will be liable for the transaction.
  • The Zero Liability offering is valid for all Point of Sale transactions which are not authenticated using ATM PIN carried out and reported after August 29, 2005.
  • The Point of Sale transaction under dispute can be for a maximum of 90 days prior to the date of reporting of the loss of Debit Card to the Bank.
  • The case would be processed subject to the receipt of all required documents within 21 days of reporting of loss by the customer.
  • All necessary documents to be provided within 21 days of reporting of loss.
  • The Cardholder has not shown any delay or negligence in reporting the loss of the Card to the bank.