Banking Digital Updates

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.

Online Banking? Only use sites with https; avoid banking on free networks; regularly change and do not share password/PIN. For more, give missed call on 14440.

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).

If you receive a phone call or an SMS claiming to be from your bank and asking you to divulge your personal details for upgrade, rectification or a gift; it may be a vishing attack!

• 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