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As per RBI circular BCDBR.No.Leg.BC.78/09.07.005/2017-18 dated July 6, 2017, due to increase in customer grievances relating to unauthorized electronic Banking Transaction resulting in debits to their accounts, criteria for determining the customer’s liability has been reviewed and Banks have been advised to lay down policy for the same.

The objective of the policy is to protect the Bank’s Cardholders for Digital transactions, transactions shall be authenticated through the use of dual authentication process viz. card details CVV and One Time Passwords (OTP) for Ecom, ATM withdrawals & PoS transactions shall be authenticated with the Card and PIN, Mobile Banking Transactions through MPIN & TPIN, to ensure security and non repudiation. Users will select, secure, employ and manage cards, Mobiles and the OTP/Pin to protect against unauthorized usage of the cards.”

The Bank is required to lay down the Policy for Customer Protection – Limiting liability in unauthorized Electronic Banking Transactions, with the approval of its Board of Directors recommended by the Information Technology Committee. Customer Protection policy

To ensure safety and security of electronic Banking transactions:

  • The Bank will send monthly SMS alerts (English / Hindi) to its cardholders, alerting them not to share the card details or the OTP to anyone through communication channel like phone/email etc
  • The Bank will display multi lingual notices in ATM room and prominent places in the branch where there is visibility for the customers
  • The Bank will advise customers through SMS/ Emails/Welcome letter, to notify the Bank of any unauthorized transaction at the earliest so as to reduce the risk of loss to the Bank/customer
  • The Bank will provide only Atm Cash withdrawals if mobile number is not submitted by the account holder
  • Transactional SMS alerts will be sent mandatorily to the customers for any digital transaction
  • Customers can lodge the complaint with the branch and IT dept. staff’s mobile numbers are displayed in all Greater Bank ATM rooms
  • The Bank will respond to all written complaints in writing within 7 working days.


New Vehicles(all four wheeler private vehicles)

  • If contributory fraud / negligence/deficiency is on part of the Bank
  • Third party breach where deficiency is neither with the Bank nor with the customer but lies in the Bank’s system and the customer notifies within 3 days, irrespective of the type of account held with the Bank.


  • If loss is due to the negligence of the customer where he has shared the entire payment credentials, till he notifies the Bank, the entire loss will be borne by the account holder. Any loss occurring after the reporting of the unauthorised transaction shall be borne by the Bank

If the matter is reported within 4-7 days, per transaction liability of the customer is as follows:

  • Basic Savings account holders liability will be maximum Rs. 5000/-
  • All other Account holders liability will be maximum Rs.10,000/- if limit / average balance is below Rs. 25 Lakhs
  • Account holders whose limit is above 25 Lakhs, maximum liability to be borne by the account holder is Rs. 25000/-

If the delay in reporting by the account holder is beyond seven working days, the customer’s will have to bear the entire loss.

On being notified by the customer, the bank will credit (shadow reversal) the amount involved in the unauthorized electronic transaction to the customer’s account within 10 working days from the date of such notification by the customer (without waiting for settlement of insurance claim, if any) for zero / limited liability

The complaint will be resolved within 90 days, if the Bank is unable to resolve the complaint or determine the customer liability, if any, within 90 days, the compensation will be paid to the customer.