Know the way to claim under zero liability policy if you lost debit card – Debit card is very much essential digital product of the bank. It helps in hassle free cash withdrawal from the linked account without visiting the branch as well as doing all type of online transactions. Though, debit card is very much useful, it is also disastrous if not used properly. A debit card is linked to the user’s bank account. Hence, if the account holder misplaces the debit card, it is at the risk of being misused by the person who gets hold of it.
So, incase of any misshaping with the debit card like lost debit card or compromise of the ATM PIN or any other frauds, it is important to act immediately in order to protect the funds. For intimating the bank, holder of the card may visit the bank branch or accessing the bank’s mobile application, customer care center or support or by calling the bank’s phone banking number or through internet banking.
Lost Debit Card, What to do ?
Key Highlights :
Customer needs to block the card immediately through any of the above mentioned channel. Post blocking of the card, a confirmation notification is displayed and notified on the registered mobile number once the blocking is successful.This to remember that all such activities to be done immediately as there are some stipulated time frame is mentioned for this by banks.
If you suspects a theft, file FIR with the Police or Cyber Cell, it is recommended to file an FIR at the nearest police station. A copy of the FIR is given to the user once it is filed. It is important to preserve the same for future reference. Customer at their choice may request bank to issue the new debit card in lieu of lost debit card. Bank will accept the request of issuance of the new debit card only after hot-listing or blocking of the existing cards. Bank may levy a charge for issuing a new card in place of the misplaced card.
These steps are common with almost all the banks in India i.e. SBI, Canara Bank, Bank of India, Punjab National Bank, Union Bank of India, HDFC, ICICI, Axis Bank etc.Follow the below links for blocking debit cards of few of the top banks in India:
Canara/Syndicate Bank : Click Here
Bank of India : Click Here
IMPORTANT TO NOTE : Banks typically have zero liability policy to protect cardholders in case a card loss is not reported within the stipulated time. The time frame may vary from bank to bank and from 24 hours to 3 days. If the user reports about the loss within the stipulated time, the bank is legally mandated to protect the user by blocking or freezing the card.