Banking Digital Updates

We would like to update you that as per The Finance Act 2020, new Income Tax provisions have been introduced on all forex transactions under LRS (Liberalised Remittance Scheme) from 1st Oct'2020.

Here are the new provisions as per ‘The Finance Act, 2020’:

We would like to update you about the new TDS Rule on Cash withdrawals as per amendment in the Income-tax Act.

A TDS of 2% on Cash Withdrawal will be applicable if

Register your mobile number and email with your bank to get instant alerts. If you get an alert about a transaction that you have not initiated or authorised, you can immediately take it up with your bank.

Paying excessive surcharge on international transactions? 

While shopping overseas, has a merchant ever asked you if you would like to convert your Credit or Debit Card transaction from the local currency into your home currency or while withdrawing cash from an ATM, were you ever prompted to choose home currency over local currency? This is called Dynamic Currency Conversion (DCC).

• Phishing: It is a global problem faced by Banks worldwide. It is an attempt to 'fish' for your banking details. Phishing could be an e-mail that appears to be from a known institution like banks/a popular website asking confidential data like user id and transaction password, One Time Password (OTP), Unique Reference No. (URN) etc.
  

better safe than sorry.
 

Beware of fraudsters while banking
•	Destroy the PIN mailer after memorising the PIN and change the PIN after the first usage

Beware of fake offers by tele calls/SMS/email/social media asking money towards charges/fee/duty/tax against Prize/Lottery/Gift/job/goods/other services etc.  
Never ever share your personal account details with unknown persons. Your account might be used for collecting proceeds of crime exposing you to criminal investigations / trials.