If you have transferred the money to the wrong account and the account details are invalid, your money will automatically be returned to your account.
What if you mistakenly sent money to the wrong bank account? Will you get this money back? If so, what would you have to do? What are the rules related to this? These are some of the questions that must have come to your mind at one time or another. Maybe you or someone you know has made this mistake and has suffered a big loss because of it. In this article, we will tell you that if you have sent money to the wrong bank account by mistake, then what should you do in this situation and what are the rules of RBI related to it.
What are the rules of RBI
According to RBI, it is the responsibility of the sender to fill the beneficiary’s account number, information and all other information correctly in the payment instruction. It is necessary to provide the name of the beneficiary in the instruction request. This means that it is the responsibility of the sender to fill the account number correctly. However mistakes can happen. If you have transferred money to the wrong account and the account details are invalid, then there is no need to worry. Your money will automatically be returned to your account.
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What to do if money is transferred to a valid account number?
According to RBI, “Banks should put a disclaimer on the fund transfer screen in the online/internet banking platform and in the fund transfer request form, stating that the credit will be done solely on the basis of the beneficiary’s account number information. The beneficiary’s name information will not be used for this.” The RBI notification further said, “Banks are generally expected to reconcile the information in the name of the beneficiary and the account number before crediting the account.”
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how to get your money back
- The State Bank of India (SBI) website states that if the beneficiary details (such as MMID, mobile number) required to send money are incorrect, then there is every possibility of rejection of the transaction. If you are sending funds through an account number, then check that account number properly as funds will be transferred on this basis only.
- In case of wrong transfer, first of all you should inform your bank and tell that you have transferred money to the wrong beneficiary’s account. You can contact your bank through the customer care number.
- If you are going to the branch, then first you should note down the date and time of the transaction as well as your account number and the account to which the funds have been transferred. You may be asked for this information there.
- You should submit an application to your branch and if required also submit a screenshot of the wrong transaction.
- Through your bank, you will get the information of the bank and account where the funds were transferred by mistake. If the fund transfer has taken place in an account with the same bank, then you can directly take the details of the account holder and ask him to return the money.
- But, if the fund transfer is done in another bank account then it may take some time to get the money back. In such a situation, it is better that you contact the branch where the account is held and submit an application in this regard. In this way you can get your money back.
- The bank will inform the bank of the person in whose account the money has been transferred by mistake. The bank will ask the person to return the money which was sent by mistake with the consent of the person.
Money cannot be taken without consent
Money cannot be withdrawn without the consent of the person to whom funds have been transferred by mistake. It is necessary for that person to accept that the money does not belong to him and it was transferred by mistake. Only then the bank can cancel this wrong transaction and you can get your money back.
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