In order to reduce the risk of fraud in such accounts, while allowing operations in these accounts, due diligence should be exercised by ensuring the genuineness of transactions, verification of signature and identity, etc. However, banks have to ensure that the customer is not inconvenienced in any manner.
• Timely issue of TDS Certificate to customers It had come to our notice that some banks were not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing income-tax returns timely.