RBI Guidelines News: In how much time will the bank return the money if the transaction fails, Reserve Bank told the rules
RBI Guidelines: It is a common problem that money gets deducted from the account when the ATM transaction fails. In such a situation, you do not need to panic because according to RBI rules, it is the responsibility of the bank to put the deducted money in your account if the transaction fails. So let's know about these rules of RBI-
News, Digital Desk- ( RBI Guidelines) It is a common problem that money is deducted from the account when the ATM transaction fails. Banks often assure refund of money within 24 hours, but sometimes it does not happen. In such a situation, first contact the customer care of your bank.
In such a situation, you do not need to panic because according to RBI rules, if the transaction fails, it is the responsibility of the bank to put the deducted money in your account. If you know some simple rules of RBI, then you can get your money back quickly and that too with compensation. So let's know about these rules of RBI-
RBI rules in case of ATM transaction failure?
- When a customer's transaction fails and money is deducted from the account, the bank has to return the deducted amount immediately.
- The money should reach the customer's account within 7 days of filing the complaint.
- If the money is not received even after 7 days, the bank will have to pay a penalty of Rs 100 per day.
- To get a penalty from the bank, the customer has to file a complaint within 30 days. If the complaint is made after this, then the compensation will not be given. The transaction slip or the account statement will have to be given to the bank.
- If the money is not returned within days, the customer will have to fill the Annexure-5 form.
- The day you fill this form, the customer's penalty will start from that day itself, that is, if the money is not returned within 10 days of filling the form, then the bank will give you a penalty of Rs 1000 at the rate of Rs 100 per day.
What are RBI instructions?
If you have not received money from the ATM, the bank has to return the amount to your account within seven working days. This time limit has been set as per the instructions of the Reserve Bank of India (RBI) in May 2011. Earlier this period was 12 days.
Money back along with penalty-
RBI (Reserve Bank of India) has given clear instructions that banks will have to deposit the fine amount in the customer's account themselves. There will be no need for the customer to make a claim for this. The special thing is that the day the money for the failed transaction is refunded, the fine amount will also have to be credited to the account on the same day.
What should you do?
As a bank customer, if your debit card transaction fails, you should complain to your bank, no matter which bank the ATM belongs to. You can ask for your money back and also claim compensation.