Nowadays digital transactions have become an important part of our lives. But many times it happens that money gets deducted from the ATM but does not come out, or the online transaction fails and money gets deducted from the account. In such a situation, the biggest question is when will the money be returned. In this regard, the Reserve Bank of India (RBI) has set some clear and strict guidelines so that customers do not suffer losses. This information is essential for you because it protects your financial rights.
Full money refunded within 30 days of the complaint
If a customer’s ATM transaction fails and money is deducted from the account, then it is completely the bank’s responsibility to return the money soon. RBI has set clear rules that within 7 days of filing a complaint, the bank has to return the money to the customer’s account, whether the bank is government or private. This time limit is only for working days, i.e. Saturday, Sunday, and other holidays are not included in it.
If the bank does not return the money within the stipulated time, it will have to pay a compensation of ₹100 every day until the entire amount is returned. However, the benefit of this rule will be available only if the customer files his complaint within 30 days. If the complaint is made late, the compensation claim will not be valid. This rule strengthens customer rights.
What to do if the transaction fails
If the transaction fails and money is deducted, the first step is to contact the customer care of your bank immediately. For this, you must have the transaction receipt or bank statement, as this is the proof the bank asks for to accept your complaint. Usually, banks talk about returning the money within 24 hours, but sometimes it does not happen on time.
If the money is not returned within 7 days, the next step is to fill out the Annexure-5 form. You can download this form from the bank’s website or pick it up directly from the bank branch. As soon as you submit this form, the counting of compensation starts on the same day. This ensures that your complaint is acted upon quickly.
