Money Transferred To Wrong Account? No Worries, Follow RBI’s Instructions To Get Back Money Immediately

RBI Money Back Rule: Digital payment is getting a lot of attention. During the time of pandemic and now, there has been a massive surge in digital transactions. Money transfers are now simple thanks to digital wallets, NEFT/RTGS, UPI, Google Pay, the BHIM app, and other services. All of these methods are the most convenient for sending and receiving money. 

It has become easier to move money as a result of them, but at the same time blunders are also occurring. When a bank account number is typed incorrectly while transferring money, it frequently ends up in the wrong account.

Do you know what to do if money is moved to the incorrect account? What are the Reserve Bank of India's (RBI) rules?

Contact You Bank Immediately Via Phone/Email

If money is accidentally moved to another person's bank account, contact your bank immediately by phone or email. You should meet with the branch manager as soon as feasible. Only the bank to whose account the money was moved can fix this issue. Tell your bank's customer service centre everything that happened.

If the bank requests all of the information by e-mail, submit the complete details of transaction. This will include information such as the transaction date, time, your account number, where the money was sent, and its account number 

Talk To Branch Manager To Withdraw Funds

You have deposited funds into the bank account, but the account number is incorrect or inaccurate. The IFSC Code represents the money that will be deposited into your account. Simultaneously, if this is not the case, visit your bank and meet with the branch manager. Give him all the details concerning the erroneous transaction. Attempt to determine where the money has gone.

If money has been transferred to another bank account by accident, recovering the funds may take longer. Banks might sometimes take up to two months to resolve such disputes. You can find out which bank branch in which city transferred the money to which account by contacting your bank. By speaking with that branch, you can withdraw the funds.

FIR Can Also Be Done

When money is unintentionally transferred to someone else's account, the receiver is usually ready to repay it. You can file a lawsuit against him if he refuses to repay the money.

In such instances, you also have the option of pursuing legal action on your own behalf. You can file a complaint with the bank if you want to take legal action. If money is accidentally put in someone else's account, the RBI has ordered that your bank take immediate action.

The bank will have to arrange for the money to be returned from the incorrect account to the correct account. Nowadays, while sending money, a message is sent to the recipient's phone and email, instructing them to send a message to this phone number if the transaction is incorrect. You can also use this to file a complaint.