- What is a cooling period?
- Cooling period is the time set by the bank during which fund transfer is not allowed to a newly added beneficiary. Once, the beneficiary is successfully registered by customers, activation of the same will take some time which called as cooling period.
- What is the duration of cooling period?
- Currently the bank has set 30 mins as the cooling period. i.e. the new beneficiary will be activated after 30 mins of registration.
- How will I come to know about the activation of beneficiary added?
- The beneficiary added will be automatically activated after 30 mins. You will get SMS upon both, registration of payees and activation of payees added.
- What is the difference between registration and activation of beneficiaries?
- The process of adding the beneficiary (either third party, RTGS/NEFT or credit card payee) in the MoneyClick fund transfer option is the registration of beneficiaries. The registered payees will be available for fund transfer, only after activation from bank.
- Is there a limit to the number of beneficiaries added in a day?
- No. At present, there is no restriction on the number of beneficiaries added in a day.
- What is the significance of cooling period?
- Since, the newly added beneficiary is not displayed in “beneficiary account list” during cooling period, fund transfer immediately on new beneficiary addition is not possible. Upon every new beneficiary addition, an alert in the form of SMS to registered mobile number or email will be sent. This would inform the customer about beneficiary addition.
- I got SMS or Email about beneficiary addition, which is actually not added by me. Should I inform the bank?
- Yes. With the implementation of 2 factor authentication, only you can add beneficiaries for fund transfer. Even then if you receive a message on beneficiary addition which actually you did not add, please inform Karnataka Bank customer care centre at 18004251444, immediately. With the implementation of cooling period, your account is safe from fraudulent transactions.
- Does the cooling period affect the fund transfers?
- No. Cooling period is applied only to payee additions. Fund transfer can be done immediately once payees are activated/already activated beneficiaries.
- Does the cooling period affects E commerce transactions?
- No. Cooling period will not affect E commerce transactions and addition of billers in “Utility bills” section.