Get a zero-liability card
If you’re worried about the misuse of your credit or debit card, ask your bank for a zero-liability debit or credit card. You’ll be more confident about it at no extra cost to you.
It’s frightening to think that someone could have access to your savings by just stealing your wallet. Whatever you had saved up, maybe to go on holiday, for the festive season or to redecorate your home, could be gone. If an old credit or debit card of yours is stolen or lost, you would need to ensure that it is blocked before you can breathe easy. This is not the case with zero-liability cards. Offered by a few banks, particularly to their high-end customers, these cards cover you for fraudulent transactions even before you reported the theft/loss. In case of a credit card, you would not be charged; with debit cards, the amount would be restored to your account.
|HDFC Bank||All cards||Debit||Fraudulent transactions of up to Rs1 lakh 30 days prior to filing of report|
|ICICI Bank||Privilege customers and higher||Debit||Fraudulent transactions 15 days prior to filing of report|
|State Bank of India||Platinum cards||Credit||Fraudulent transactions of up to Rs1 lakh 48 hours prior to filing of report|
|Yes Bank||International cards||Debit||Fraudulent transactions of up to Rs25,000 7 days prior to filing of report|
With most banks, this facility is available with mid- to high-end cards, which may not be much costlier than the most basic card the bank has to offer. However, for this feature to be available, you need to ensure/know the following:
1. The account should be in good standing.
2. No more than two such complaints can be registered in a single year.
3. The circumstances surrounding the loss or theft should be reasonable.
4. The card should have been signed.
5. ATM and online transactions aren’t covered, as a further pin is required to access it.
6. An FIR should be filed.
Here are three examples. If you aren’t eligible for these cards, a few insurers also offer these plans separately.