SBI and Axis Bank : There have been cases of fraud from customers through instant loan mobile application. The Reserve Bank of India also alerted all bank customers in this regard in the past.
State Bank of India (SBI) and Axis Bank have given important information to their customers. SBI, the country’s largest state-run bank, has cautioned customers to get caught in the clutches of instant loan mobile applications. The bank has said through its official tweeter handle that customers should avoid the clutches of such offers as they can be a victim of fraud in the name of giving a loan in 5 minutes.
According to SBI, customers should not click on unauthorized links and avoid unnecessarily sharing personal information related to their bank account with anyone. Check the offer terms and conditions before taking a loan. In fact, there have been cases of cheating from customers through instant loan mobile application.
The Reserve Bank of India also alerted all bank customers in this regard in the past. According to the bank, taking a loan through them can be fraudulent with your documents and you may have to pay interest at a higher rate. With this, you can be forcibly misbehaved in case you do not repay the loan.
Talk about Axis Bank, now customers will not have to pay penalty even if they break the fixed deposit (FD) before maturity. This rule has been applied to all FDs and recurring deposits.
However, new deposits with a time limit of more than two years will not attract penalty. According to the bank, there will be no penalty for premature closure of retail term deposits. This exemption will apply to all FD and RD schemes issued after 15 December 2020.