Why is CAMS crediting Rs.1 to my bank account?

Last week all of a sudden, I got a notification from my bank which said, 

Your a/c xyz is credited with Rs. 1.00 by a/c linked to mobile XXXXX00000.

I was alarmed as to who would credit Rs. 1 to my bank account without my knowledge? 

I wondered if it was any trap SMS to make the person login to their bank account so that fraudsters can sniff bank credentials via network packets to perform malicious activities later.

I did little more research and found that the depositor was "CAMS" as mentioned in the bank statement ledger. Is this Legit?

I found Yes, it was a Legit transaction!

CAMS stands for Computer Age Management Services. It is a registrar and transfer agent of Mutual funds in India.

It usually credits One rupee to your bank account to verify the bank account registered against your name as per the details provided by you as KYC for Mutual Fund Purchase. Bank account verification is done to reduce any future payment failure cases which might occur to bounce in transfer.

Should you be worried now? 

No, CAMS is a legit and verified source and hence you can be rest assured and be at Peace!

Content is copyrighted © www.123mylist.com