Are you aware of your financial rights as an Indian citizen?

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As the country awaits the budget on February 1, Money9 lists key financial rights granted to individuals in India. Investors and taxpayers must be aware of these rights in order to act upon them whenever required.

Income tax refund in 90 days

Taxpayers have the right to receive tax refund within 90 days of filing the return. In case of any delay beyond this period, an interest of 0.5% will be added for every month in the refund amount.

The income tax assessing officer can be approached with enquires on tax refund. Any issue regarding this can also be raised on their official website – incometaxindia.gov.in

Notification for fund mandate change

Investors are entitled to be notified about changes in the investment mandate of mutual funds which has their money. They also have the right to exit such plans without paying any exit load before the enforcement of changes. However, this rule applies only when the fundamentals of any scheme is altered.

Locker facility

You can open a locker in any bank without investing in any of its products. Banks can only ask to open a fixed deposit which covers three years rent and charges for using their locker facility.  You don’t need to have a savings account or any other association with the bank for the same. A complaint can be filed with the grievance cell of the bank if it seeks investment in its products to use the locker facility.

Payment of card frauds

You can deny paying for any unauthorised transactions made through your debit or credit card. However, you must prove the transactions were not made by you. Report misuse of your card to the concerned bank and get it blocked to prevent further mishandling. Filing an FIR is also an option.

Lender harassment

If you’re a loan defaulter, the bank should give a notice period of 60 days and must treat you with respect. No defaulter can be harassed by the lender or recovery agent during the first 60 days of notice period. They can give a reminder call between 7 am to 7 pm only. You have the right to present your case in front of the bank authorities and complain about any mistreatment or harassment, if caused. The bank is liable to look into the matter. An FIR can also be lodged, if desired.

Service charge payment

A service charge is different from service tax or value-added tax (VAT). It is not imposed by the government and goes directly into service provider’s pocket. Hence, if you’re unhappy with the service at a restaurant or cinema theatre, you have the right to not pay for it. Service charge, which is added to your bill, is a voluntary choice of payment. No customer can be forced to pay it. The department of consumer affairs is responsible to take note of your complaint regarding the same.

As a consumer, always be aware of your rights. Avoid incurring unnecessary expenses due to lack of information. Become an informed and empowered citizen.