NEFT RTGS Transactions: The Reserve Bank of India offers multiple channels for online money transfer in the country, such as NEFT, RTGS and IMPS. IMPS and NEFT are generally used for small amounts, while RTGS is used for high-value transactions.
But many times such a situation also comes in front of the customers that it fails on doing NETF or RTGS or any kind of money transaction from their account. Money does not reach the beneficiary’s account after the transfer. So what to do in such a situation? Let’s know the rules.
What if NEFT transaction fails?
In NEFT or National Electronic Fund Transfer, it usually takes 15 minutes for the money to appear in the beneficiary’s account. In some cases it may take longer. That’s it, the beneficiary can get the money in two hours. But if something goes wrong, the money may not get deposited at all. It is possible that the customer has wrongly entered the beneficiary account number and other details. If the details are not wrong and still the money has not come then you can wait for some time and see. In such cases, either the money comes within two hours or the bank refunds the money to your account. If it does not happen then you should go to the bank.
Will the bank pay the penalty?
As per RBI rules, if the beneficiary’s account is not credited within two hours of the transaction or the money is not returned to the remitter’s account, the bank has to pay a penalty. Without waiting whether the customer files a complaint on its behalf or not, the bank will have to pay a penalty of 2% to the customer’s account for the days of delay along with RBI’s LAF (Liquidity Adjustment Facility) repo rate. Right now the LAF repo rate is running at 6.50%. On adding 2 per cent to this, the bank will have to pay a penalty of 8.50 per cent.
What if RTGS transaction fails?
Almost the same rules apply for this type of transaction. Usually, once the transfer is completed from the sender’s bank account, the money is transferred to the beneficiary’s account in real time.
Beneficiary bank has to credit the amount to the beneficiary’s account within the next 30 minutes and send the message, but in case the beneficiary does not receive the amount, the beneficiary bank will credit the amount within 1 hour of receipt of the transaction receipt either Will give The payment interface is to send the money to the remitter’s bank on or before the end of the RTGS working day, after which the bank remits it back to his account. Here also the bank has to pay penalty. For adding 2 per cent to the 6.50% LAF repo rate, the bank will have to pay a penalty of 8.50 per cent.
What if the beneficiary details are given wrongly?
In case the customer had given wrong account details of the beneficiary, he can seek cancellation of the transaction by giving a written application to the bank in this regard. In order not to get trapped in such a situation, it is necessary to check the account number and other details properly while doing the transaction.
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