New Delhi, June 22, (KNN) In its bid to make the bank facilities more reliable and to check any frauds related to banking services the Banking Ombudsman has come out with an advisory to protect the interest of the customers.

The multi-point advisory has been issued banking ombudsman.

Customers should register their mobile numbers with the banks for e-mail alerts and inform them about the changes made in availing services like change in password.

The ombudsman institution apprised the customers to regularly check the sites of their banks to know about the changes made in the rate of the interest made on deposits, base rate or prime lending rate in case of loans and schedule of charges for various facilities.

It asked the customers against sharing login id and passwords of net banking account card details with strangers and asked them not to respond to spam mails or either respond to short message service (SMS) and fictitious offers on phone or mail.

The consumers are also required to check their statement of accounts of loans and deposits point out discrepancies. They should not issue cheques to strangers who promise any facility.

Further, it told the consumers including senior citizens to submit 15-G/15-H forms at the beginning of the year for tax exemption if they are eligible. They should also check the rate of interest and the terms relating to premature withdrawal of deposit.

“The customers should refer to banking ombudsman scheme for better understanding of the policies of the government implemented by Reserve Bank of India (RBI) apart from this they should  take note of code of commitment to customers of banking and standard board of India,” it said.

Further, the ombudsman asked the borrowers to get copies of loan documents like sanction letter, loan agreement and other documents containing the terms of loan and obtain an acknowledgement for the same and cheques tendered with the bank.

It asked the customers to check the policies on compensation, cheque collection, grievance redressal, policy on collection of dues and repossession of security and bank deposits, including adopting model operational procedure for settlement of claims of deceased depositors and return of articles in safe deposit lockers and safe custody.

It further called upon the customers not to share their card and pin with anyone. They should not swipe the card at a place where they cannot see the card swiping machine.

The RBI also said that consumers should complain in writing and most importantly in situations where there is failure on the part of the bank to disclose important terms and conditions while selling financial products and services.  (KNN)