Banking: Jairam Sridharan

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Jairam Sridharan, President, Axis Bank, answers your questions

I used an ATM counter of another bank to withdraw money. Although the amount was debited from my account, the cash was not delivered. Whom should I contact - my bank or the one whose ATM I had used - to get my money back?

Your primary relationship continues to be with the bank where you have an account. For all such problems, you should contact your own bank.

I want to use my bank's mobile banking app. I am not sure whether it's safe. What if my mobile phone gets stolen? Can someone use my app and withdraw money?

Mobile apps have various security features built in that ensure your account is safe in case your phone is stolen. It starts with password protection and all banks use "two factor authentication" to make sure only bonafide customers are able to use the app. The second factor could be an one-time password sent to your phone for any transaction, it could be a device lock feature or other such features. Finally, in case a fraudster does somehow get into the app, he can't benefit from it without transferring the money into his or his accomplice's account. That is where he faces another major hurdle. Banks either do not allow or require additional authentication to allow adding of a 'beneficiary' in the account. With that, there is no way for the fraudster to transfer the funds to himself. If your phone does get stolen, you should make two calls right away - call your telecom operator to block your SIM, and then call your bank to inform them of the loss, so they can take appropriate action on their system.

Can I open a PPF (Public Provident Fund) account in any bank and can I link it with my salary account?

You can open PPF accounts only with select banks that are authorised to open such accounts. SBI, Axis Bank and ICICI Bank are some of these. If your PPF and salary accounts are with the same bank, you can easily transfer funds online.

The views expressed are expert's own. Send your queries to yourmoney@bsmail.in